Lucanet enhances CFO platform with AI-driven Copilot tools

Lucanet has introduced GenAI capabilities into its CFO Solution Platform to address the challenges faced by finance leaders in adopting advanced technology for data management and analysis.

According to an EY report, although 43% of finance leaders express enthusiasm for using AI in corporate reporting, only 32% currently have the necessary technology in place. Lucanet's latest release aims to bridge the gap by offering GenAI capabilities that integrate into its CFO Solution Platform.

The platform now includes Copilot tools for consolidation and financial planning, enhancing complexity management and efficiency in financial operations. This approach means GenAI's impact will be felt across the entire finance team rather than being limited to isolated areas.

Lucanet's update includes the introduction of Copilot to assist in consolidation, financial planning and disclosure management. The tools act as natural language assistants, enabling users to query balance sheets and profit and loss statements for data-driven insights, facilitating strategic decision-making and collaboration across departments.

Another key feature of Lucanet's GenAI release is the automation of disclosure management. The Copilot addition eases the creation of narratives for European Sustainability Reporting Standards (ESRS) or International Financial Reporting Standards (IFRS) disclosures, reducing preparation time and ensuring consistency across reports.

Additionally, the GenAI Update introduces XBRL Copilot, a tool for transforming financial data tagging. This tool automates and streamlines the cumbersome tagging process, improving both the efficiency and accuracy of financial reporting.

Kevin Smith, CTO at Lucanet, remarked, "At Lucanet we are committed to delivering the very best solutions for finance teams around the world, giving them the tools they need to efficiently complete the jobs-to-be-done in the office of the CFO. With our investments in Generative AI (GenAI), we are delivering increased value and efficiency to our customers. Through our innovative GenAI solutions we are enhancing efficiency, reducing manual, mundane and time-consuming tasks via AI-automation, but always with our users in full control."

Smith described the wave of technology as providing "agentic capabilities that act as digital assistants, capable of handling complex, cognitively demanding tasks. This gives time back to finance professionals, allowing them to focus on more strategic initiatives that drive growth, efficiency and innovation. These AI capabilities will ultimately assist users across all their jobs to be done via the Lucanet CFO Solution Platform, amplifying value for our over 5,500 customers. This holistic approach ensures that every aspect of financial operations benefits from the intelligence and efficiency of AI."

Further supporting this initiative, Lucanet CEO Elias Apel commented, "Our vision is to empower finance teams with innovative end-to-end solutions that reimagine the way they engage and collaborate. Our latest GenAI releases are the first of their kind, enhancing our platform's cognitive capabilities and in complexity management, empowering finance teams to focus on strategic priorities. By continually expanding both our solution offering as well as our platform capabilities, we are committed to helping our customers navigate the complexities of modern finance with ease and confidence."

This launch signifies the first of several GenAI updates Lucanet plans to roll out over the coming year as it continues to build on its roadmap for AI integration in financial operations.