Artificial Intelligence invented decades ago is an asset now being utilized in every digitally optimized industry worldwide. Whether it’s polishing the inaccurate/incomplete data or showing reliable results based on those dynamics, the machine within your access (i.e. the computer) can analyze any of your research, data, analysis, etc. and give you the trustworthy outcomes within a fraction of seconds retaining plenty of time for you to work on following aspects.
AI is the innovation of mankind that continues to be the most sought after asset for a company’s ERP system. As Sundar Pichai says, Artificial Intelligence is one of the ubiquitous innovations of mankind in fact, more profound than electricity and fire.
The words said above are significant as today more than 40% of digitally mature companies use AI for their business and marketing strategies. Moreover, 83% of businesses say that AI is their strategic priority when it comes to growing their business.
Lastly, as per sources, the AI market is expected to be a 190$ billion industry until 2025.
So, it is precise that AI is the future of our business/market, or let’s use the wider term economy. Undoubtedly it is an upper-hand for all. Whether we talk about business development, digital marketing, market research, studying market behavior, business scope, etc., AI is the demand of this business and technologically versatile era.
Now, let me have your undivided attention on – “Artificial Intelligence’s contribution to the Enterprise Resource Planning or ERP system and productivity of a company.”
If the topic has pricked your brain’s nerve then stay tuned!
Enterprise Resource Planning system (ERP) has evolved remarkably since 1990 and now is the heart of every company. From business processes to resource management, lease management, budget, funding, assets, goods imported/exported, services granted, market forecasting, etc. everything is looked after by the Enterprise IT solutions. Well, it is evident that a company cannot afford any discrepancy in its ERP management and here you can’t deny the need of ‘Artificial Intelligence’ for your business ERP system.
Artificial Intelligence Influences the ERP System – Know How
1. Data Optimization
Inaccurate, incomplete, or outdated data is always a deal-breaker and will lead to nowhere with your decisions. AI will help you compete, update and optimize (as customized to do) your important data so by the end, what you have is a quality source of information for your future strategies.
2. Concrete ERP Data Analysis
While you decide to study the market’s changing trends, your target audience’s demands, buying patterns, price scale or the response for your supplies, (ERP data analysis is important to accelerate the business and know your future move) you will come across a colossal data that might give you sleepless nights. Here comes to rescue AI or the brainy machine. Your computer will analyze the data and give you accurate outcomes of the analysis. You can rely on ‘Artificial Intelligence’ with your future steps in ERP business or startup solutions.
Read more about The Growing Role of Artificial Intelligence in Business
3. Concrete Decisions
Let the AI do some home-work on your part. AI is capable of analyzing the pattern of your data (which a human eye could miss due to the huge data) may it be the graphs of the market value of your products or the changing trends or the yearly section (months) when your sales are touching the skies, every pattern will be detected by the AI. It helps you foresee the scope and set your future goals accordingly.
4. Bridging the Gap between Departments
ERP has the entire data of the company. To know how AI could contribute here let’s talk about stock availability vs. customer demand. Based on the entries in ERP, AI will automatically come with the results if we are running short or extra with the items. Also, it will help us know the highest-grossing or less grossing products from our in-house brand and we can strategize our marketing and/or production accordingly.
5. Detecting Errors and Even Unethical Approaches
AI with reference to the ERP system of a company can easily come across fraudulent data or any unethical practice going on far from the limelight. For instance, AI is capable of fetching the operational data from the company over a period of time and subsequently predict customer orders that are fake. It can also foresee the potential problems thus ensuring the uptime of the ERP system.
4 Advantages of AI Integrated ERP System
1. Accelerated Sales
Accurate data with proper analysis and pattern reading, regular updates will feed quality to your marketing strategies which in turn will fetch you more sales. This is the simple math applied these days by huge industries. AI is popular due to the feature it is offering.
2. Improvised Decision Making
AI gives you the accurate outcomes for your entries (by employees, in ERP or by employers) which creates a base for your decisions. Not limited to marketing but production segment, supplies, storage everything.
3. Improved Productivity
Combined with the ERP system, AI can fetch the processes that are inefficient, require alterations or needs to stop at the very moment. AI production planning will arrange such processes in the ERP and will enable solutions minimizing the wastage of resources.
4. Reduction in Costs
No separate department or employee is needed to take care of the ERP solutions or the data management once AI has taken charge. Plus, it helps us know where we are investing and is our investment worthy? What resources need to be cut off or what needs to be added to accelerate sales.
Artificial Intelligence is one of the profound inventions of humans and undoubtedly will be the future of the world markets. For now, AI is the feature only digitally capable businesses are hiring but as the demand is increasing and its benefits are highlighting by the end of this decade AI is expected to be adopted by 80% of the businesses to enhance their sales in the market.
Machine accuracy with human intelligence, if combined together will create a promising future for a company.