Every business needs a meticulous planning in order for it to be productive and profitable. Enterprise resource planning (ERP) can manage and automate many back-office functions using a system of integrated applications which allows an organization to be more productive. It integrates and runs all aspects of the business including traceability of raw materials, management, optimization of inventory, production planning and scheduling, financial controls, and even customer relationship management. It also enables businesses to identify waste, eliminate inefficiencies, improve customer relations and facilitate real-time collaboration. ERP systems facilitate a greater insight and visibility into a business's supply chain operations. These key insights allow an organization to make critical business decisions and to maintain a competitive edge in their industry.
Technologies like Artificial Intelligence (AI) and Machine Learning are fueling this intelligence of ERP systems. AI as an integrated part of the ERP system will affect the very essence of daily business operations.
Ways In Which AI Will Improve ERP
Improved decision making: Improving and streamlining the business workflow to make better decisions is one of the key functions of any ERP system. AI can enhance these functionalities by analyzing larger datasets than it was previously possible. AI can also be used to read historical data and behavioral patterns.
Advanced analytics: With AI, an organization can pull tailored data that will provide detailed insights and analytics about the business metrics. For example, an in-depth look at the buying behaviors of a certain demographic of customers so that the company can tailor the offerings for better conversions. This advanced analytics gives the power to drive the business.
Forecasting: By analyzing the data collected, AI integrations can make predictions that will improve the ability to forecast for upcoming periods. For instance, the predictions may include making recommendations about increasing or decreasing production accordingly.
Improving the interdepartmental process: With AI the daunting interdepartmental processes can be simplified, creating a streamlined, centralized platform for customer relationship management, reporting, product lifecycle, and sales. Bridging these gaps makes business run more efficiently.
Improving customer service: Integrating AI into ERP systems give an extra focus on customer service. With AI learning tools like virtual agents, an organization can see what their customers are asking about in real-time and answers all the pertinent questions. Rather than having a customer service representative handling a queue of disgruntled customers, consumers can ask questions about their order and the AI will answer queries upon request.
The possibilities AI adds to the ERP solutions must be said to be unlimited. It is sure that it can add great value and competitive advantage to the business.