Tech pundits and experts have always been speculative when it comes to the use of AI or artificial intelligence in the world of enterprise technology. In fact, this has been a hot topic for debates since quite a few years or so. Irrespective of the criticism and speculations, AI has been proving out to be a boon amidst the business landscape and the wave doesn’t seem to subside either.
Yes, artificial intelligence is one such tech fad that is taking businesses across the world by a storm by optimizing key business functions and driving operational efficiency throughout an organization. Right from customer support to manufacturing, artificial intelligence has made its way in various business operations.
Not long ago, artificial intelligence was beyond the reach of startups and small to medium sized enterprises (SMEs), since it was quite immature and expensive at that point of time. Also, it required monstrous data centers and skilled professionals. Nevertheless, things have changed and for good, since today a decent number of startups and small enterprises too are reaping the benefits of artificial intelligence by embracing budget-friendly AI powered enterprise management solutions. Now when one talks about enterprise management solutions, ERP software is the first thing to appear in head. Curious to know about the nexus of ERP systems and artificial intelligence? Read on to find out how AI is reshaping the enterprise management system landscape as we see it:
Artificial intelligence and ERP
Yes, AI-powered ERP solutions have been proving excellent when it comes to streamlining an organization’s key operations by automating and optimizing mundane tasks, curbing operational expenditures and eliminating human errors.
Today, a business has the option to get a custom ERP solution that is tailor made to learn as well as identify critical or preferred business processes. This is where artificial intelligence comes into picture. Yes, a new age AI powered ERP system can identify and leverage humungous amount of both structured as well as unstructured data like never before. This was quite impossible a few years ago. The colossal volumes of data that a business generates can be leveraged and harnessed to root out erroneous as well as routine tasks whilst optimize critical processes.
Next, combining the potent of automation, an AI powered ERP software can greatly free up employees of a company by saving them from the cumbersome routine and admin chores that require loads of manual efforts and time. Legacy enterprise management solutions fail to achieve this, since they require their users to rely on various old-school practices, maintaining rolodex and filing cabinets to name a few.
Maintenance is another crucial area that can greatly benefit from the nexus of enterprise technology and artificial intelligence. One of the primary reasons for this is AI powered enterprise resource planning systems would leverage digital assistants and intelligent analytics to help the technicians in identifying underlying issues to diagnose maintenance or troubleshooting tasks way beforehand.
Note that we are not talking about robotics technology or robotics here, though the concept is advantageous when it comes to materialistic benefits. For example, it can replicate specific aspects of our brains like behavioral and learning patterns that a manufacturing business can apply to both unstructured as well as structured data stored in an ERP solution for decades.
According to tech experts, the artificial intelligence market is projected to grow by leaps and bounds in the next few years. Thus,it won’t be wrong to say that sky is the limit when it comes to artificial intelligence and ERP solutions.
Not to forget that the innate data mining ability of AI powered ERP systems when combined with the prowess of automation can work wonders. Yes, this can unlock predictive analytics. Today, predictive analytics is no longer confined to industry giants and big players, as small businesses and startups too can reap the benefits of access to predictive analytics through intelligent data mining. Be it identifying purchase trends of a particular customer or optimizing your marketing campaigns, predictive analytics can help with all.
Let us understand the essence of predictive analytics with a fine example. For instance, if an equipment that monitors temperature, which is exceeding beyond the maximum set limit, an alarm would go off. Now in an old-school or traditional setting, an operator would be the one responding to such an alarm. Nonetheless, predictive analytics derived through AI would make it relatively easier to foresee such events. Now this is something that scores of food processing businesses would rejoice where the equipment would not only gauge the temperature, but would also run intelligent analytics on the same to come up with temperature scenarios and patterns.Thanks to Internet of Things (IoT), businesses and processes are more connected than ever through smart and connected equipment, devices and machines.
An advanced and next-gen ERP software can make sure that business intelligence reaches and touches all the core areas in a company. Yes, your ERP solution should assess new business concepts and processes to help make apt decisions. A business equipped with such an ERP software places itself in the most apt place to stay ahead of the curve.