NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Microsoft introduces AI co-pilot platform to major Australian companies

Published 18/09/2023, 02:01 pm
© Reuters.  Microsoft introduces AI co-pilot platform to major Australian companies
MSFT
-

Microsoft (NASDAQ:MSFT) has discreetly rolled out its artificial intelligence (AI) Copilot platform to several of Australia's largest corporations, including NAB, AGL and Suncorp.

The company says it is setting a new standard for AI-assisted business practices while navigating the complexities of data control and worker efficiency.

Millions in cost savings

The move is aimed at generating tens of millions of dollars in cost savings and is anticipated to be as disruptive as cloud computing.

Chairman and chief executive Satya Nadella says that the platform is set to “fundamentally change” the way we work.

The platform is integrated into Microsoft’s suite of products, such as Word, Excel and PowerPoint, offering capabilities that go beyond routine tasks.

It allows employees to rapidly analyse vast quantities of company data, draft proposals and format presentations. Copilot is also designed to manage emails effectively by summarising threads and even drafting responses.

Microsoft Australia and New Zealand's group director for Modern Business Work Lucy Debono said the early access program offered companies a "first-mover advantage" in a market under sustained economic pressure.

Up to $13 million in economic value

A study by the Tech Council of Australia and Microsoft estimates that early adoption of such generative AI technology could create A$5 million to A$13 million in annual economic value in Australia's financial sector alone by the end of this decade.

However, the extensive use of AI in business has raised questions about intellectual property and employee access to sensitive data.

Debono reassured that Microsoft's customers remained "always in control of the data being used," adhering to existing access controls for their workforce.

This development aligns with the Federal Government's recent report recommending that sectors like energy, utilities and construction adopt technology to boost productivity. Companies can, for example, use the technology for tender preparation, which enables them to focus on ‘high-value’ work.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.