Cloud ERP with AI and Machine Learning: An Overview
‘Predicting the future isn’t magic, in fact, it is Artificial Intelligence’. And Machine learning is nothing but a game changer for your business. Technological advancements in the digital business models have made it necessary for companies to re-evaluate ERP’s role. Due to the constant customization in recent years, legacy ERP systems are not able to deliver the required output that is necessary to grow the company. This is why now businesses require cloud ERP systems to handle the load so that companies can quickly respond to immediate needs and make smart decisions for the success of the new digital business model. Integration of Artificial Intelligence and Machine Learning with the cloud ERP providers will be a lot beneficial for the growth of the company. Cloud platforms give additional flexibility and integration choices to improve usability, which is otherwise not possible in legacy ERP systems.
Whether it is Siri or Amazon echo, artificial intelligence has swiftly changed our lives over the past few years. It has become a pathway to new growth opportunities. Machine learning, on the other hand, has improved the existing ERP (Enterprise Resource Planning) tools.
Need for Cloud ERP with AI and Machine Learning
Legacy ERP systems were designed to excel at production consistency and not to deliver what was needed most. Cloud ERP responds quickly to the unexpected dilemmas and makes smart decisions in order to grow the business.
They provide businesses the flexibility to prioritize growth plans over IT constraints.
Cloud platforms provide artificial intelligence and machine learning insights which rejuvenate ERP systems and open doors for new growth opportunities.
Best Ways to Improve Cloud ERP to Bridge the Information Gap with the Legacy ERP Systems
1.) Creates a Self-learning Information System
Cloud platforms need to produce a self-learning information system that involves artificial intelligence and machine learning across all the supplier networks. A cloud-based infrastructure integrated with core ERP services gives knowledge of machine learning and artificial intelligence algorithms that encourage training of the entire system. Thus, a better business will be created in the future.
2.) Enhances Overall Equipment Effectiveness (OEE) Performance
Transformation of a cloud ERP into continually learning knowledge system gives manufacturers insight into the OEE performance across their shop floors. Monitoring of real-time data from machinery and production assets gives manufacturers insight into the areas of improvement.
3.) Improving Customer Service with Virtual Agents
Artificial intelligence and machine learning tools are virtual agents that can be used to guide and train staff through complex processes and provide improved customer service. Combining artificial intelligence into ERP systems enables you to put more focus on customer service, as they are able to provide real-time solutions. Whether it is Apple’s Siri, Amazon’s Alexa or Google Voice, they have the potential to provide direction to complicated processes.
4.) IOT Data to Bridge the Intelligence Gap
Cloud ERP has the potential to capitalize on huge data. Providing IOT based data to artificial intelligence and using machine learning algorithms to analyze and learn from it, the intelligence gap can be easily bridged.
5.) Forecasting Accuracy
Cloud ERP system with artificial intelligence will enhance the manufacturers’ ability to forecast accuracy. Artificial intelligence will be able to detect seasonality in business and predict the increase or decrease in production.
6.) Reduce Equipment Breakdowns and Increase Asset Utilization
Cloud ERP providers analyze machine-level data and use machine learning techniques to determine production performance and make decisions when a part needs to be replaced.
Let’s Wrap it Up!
The exponential advancements in artificial intelligence and machine learning have made it possible to reshape the world. They have transformed several areas such as education, transportation, healthcare, fashion, banking and so on. It has also become a necessity for a profitable and efficient corporate business.