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.