More help is coming for the business finance set.
Microsoft has been front and center on the artificial intelligence front – it bankrolled Open AI and its signature ChatGPT AI communications toolset to the tune of $13 billion.
This week, the Seattle, Wash.-based company is setting its sights on the corporate finance sector with a new suite of AI-fueled business finance package, designed to merge artificial intelligence with widely used business software.
“In a dynamic (business) arena, where precision meets strategy, the chief financial officer becomes the architect of fiscal success, and finance teams are the craftspersons shaping the financial future of their organizations,” Microsoft notes in a December 6 blog post. “And yet, many leaders struggle with the complexity involved in navigating uncertainties, taking advantage of emerging trends, and driving business performance.”
Now, Microsoft says it’s rolling out the “latest advancements” in its enterprise resource planning portfolio that help CFOs activate business insights “at every level” of the company.
Here’s what the new AI rollout, dubbed Microsoft Dynamics 365 Finance, brings to the table.
More robust and streamlined data. Microsoft says its D 365’s business performance analytics capabilities are designed to solve the burgeoning challenge of poor data quality, reconciliation issues, and data source integration.
Easy-to-use AI tools. Corporate finance can be a puzzle for companies without a decent plan to handle financial planning and analytics (FP&A) and corporate performance management solutions. Microsoft says those issues come with a “steep learning curve, lack a user-friendly design, and are difficult for users to navigate.” The new CFO software suite offers “easy to use” tools to empower corporate finance teams.
Better business outcomes. Business performance management is often an overlooked feature with current financial management and enterprise resource packages – that’s another issue Microsoft says its new AI suite resolves.
“Typically, these tools need to be purchased separately, which minimizes who can use them,” the company states. With Dynamics 365, Microsoft says CFOs can “lower their total cost of ownership” while boosting financial performance outcomes.
Microsoft commissioned a study run by Forrester that pegged the financial benefits of using its new AI corporate finance toolset, with Forrester concluding the average company using Dynamics 365 would garner a 122% return on investment, gain financial personal productivity benefits by 55%, and earn $3.5 million in “legacy cost savings.”
“Migrating to Dynamics 365 Finance in the cloud gave “surveyed” organizations the opportunity to reevaluate their finance ERP’s relationship to the business, promoting better decision-making from real-time insights and the business agility required to innovate and succeed in trying market conditions,” Microsoft claims. “Processes were streamlined, infrastructure and solution costs were avoided, and the organizations reaped the benefits of personnel productivity and cost savings.”
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
