AI and ERP: An Overview
With the rapid and continuous technological advancements, the day is near when the computer will overtake humans with artificial intelligence. Currently, there is a huge demand for AI technology in the software market. According to research, approximately 80% of the emerging technologies will rely on AI by 2021. ERP vendors are now including a broad range of artificial intelligence technologies into their offerings. The reason is AI is an effective technology to extend the technological capabilities of an ERP system. Read on to find out how AI and ERP are necessary for skyrocketing business growth.
ERP (Enterprise Resource Planning) has now become the backbone of most businesses. It is now undergoing massive transformation to meet the demands of the digital business. AI is now beginning to change the world of ERP. This era of ERP now focusses strongly on information and data rather than people and processes.
Artificial Intelligence to Transform the Future of ERP System
AI will undoubtedly change the future of ERP in the coming years. It will have a decisive impact on the business of every size and type.
Now, in order to gain value from the ever-changing technological advancements, businesses need to revise their technology strategies and be prepared to adopt the new technologies.
An AI and ERP system will have a great impact on your everyday business operations. AI will overtake the routine tasks done by humans, thus, eliminating errors and improving everyday operations of an organization. It will also reduce business operating costs by supporting employees workflows.
Therefore, a combination of artificial intelligence and ERP is necessary to stay competitive in business.
Benefits of AI and ERP System for Business Growth
Automated Routine Process
Daily tasks that are performed by humans within an ERP system are generally governed by a set of rules. These daily tasks, when programmed in software based on a particular set of rules, can make an intelligent decision faster than a human.
- Here are some advantages it will bring:
- Accounting and payroll administration will become effortless
- Efficient optimization
- Increased focus on high-level processes and tasks
Enhanced User Experience
AI makes an intelligent decision based on human inputs, thus, making the application more useful to an individual. It also prioritizes search results based on a user’s interaction in the past.
In short, AI and ERP system personalizes the user experience and makes it easier to find the results they are looking for.
Deep Insights into Data
Artificial intelligence helps businesses to identify trends and make insightful inferences about business operations for accurate forecasting and informed decision making.
Different Ways AI is Changing ERP
Augmented Field Service
Artificial intelligence and new technologies such as augmented reality are coming together to shift how field service employees interface with data in an organization’s ERP system. These technologies connect as personal assistants that speak to each other to provide a more integrated experience. AI can even use sensor data and augmented reality to help field service employees to perform their tasks in a better way.
AI solutions enable chatbots to answer customer inquiries more quickly, consistently and cost-effectively. It also improves the quality of customer service by integrating the real-time data, thus, providing a 360-degree view of the customer.
Bots can use machine learning to learn from different human input to make better judgments and also adapt to the behavior of different accounting professionals. AI can compare account balances between independent systems and verify reports and statements for accuracy. It can also automate repetitive accounting functions.
Shifting the focus to analytical, non-routine and creative tasks can augment people’s capabilities and increase the effectiveness of the business as a whole. But, this shift can only happen when AI and ERP are addressed at the same time. Companies just need to understand the correct way to utilize AI and ERP to gain great value.