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Artificial Intelligence, also referred to as AI, is everywhere these days. Once merely the talk of fanciful science-fiction films, AI is now used daily, globally and often by people who don’t even realize that they are using it. Its applications range from helping you choose a film on Netflix to advertising clothing that you are in the market for to diagnosing cancer. It uses large swathes of data to create predictive images of the world around us and, remarkably enough, we’re only just at the beginning of unlocking its true potential. One recent area that has seen a big introduction to AI is ERP software or Enterprise Resource Planning software. ERP software is like a digital manager, who links all of the disparate elements to a company together to create a unified, working organism. AI can be applied to this model to make it much more efficient and help to create the best possible scenario for success across a company. Let’s look into how that can be done.
From supply to warehouse to customer, the life cycle of products within a company is an important one and, on the largest scale, a very complicated one. Managing how much product is where is one of the most difficult tasks that companies face, a task that spans across multiple departments. “Using AI for predicting the flow of product, based on modeling for supply and demand, allows for much more efficient control and inventory management under the ERP system”, explains Jorge Martinez, a deep learning expert at Writinity and LastMinuteWriting. It’s a really excellent way to avoid the tiresome inventory comparisons that need to happen all the time and to speed up the understanding of where and when the product will be needed in your company.
Connected to the point above, the very concept of predicting, or forecasting, the market or company future is immensely powerful. AI uses data to analyze your company and spot trends that would take data scientists weeks and weeks to establish on their own. The trends can be used to forecast the future on both large and small scales. “ERP and AI go hand in hand since ERP software systems get a very complete picture of operations within a company. The amount of data that can be gathered with ERP software makes it the perfect companion to AI that can then use that data to make predictions that will then inform company policy and practice”, explains Nasir Jan, IT expert at DraftBeyond and ResearchPapersUK. This is a very valuable application of AI within any company and can be used to help companies keep ahead of their competition.
AI can act, at least logically speaking, like a human being, knowing when to trigger what, in such a way that you can really save time and man-power in getting certain procedures done. Humans fulfill roles under the ERP software’s guidance but most of what they are doing relates to a strict set of rules, rules which can be just as easily taught to and adopted by an AI. Taking personnel away from these sorts of jobs frees you up to use them elsewhere, which can massively boost your company’s productivity. The more mundane, but still important, tasks can then be taken away from human beings who can direct their more fine-tuned facilities towards problems that require human intervention.
AI can use financial data to their benefit for the purpose of learning about the company and making predictions about its financial future. But it can also be made responsible for establishing things like wage adjustment, compensation distribution, and all the other complex, numeracy-heavy sides to finance which are important for companies of all different shapes and sizes. Finance is a crucial area and being able to eliminate human error with AI could prove extremely valuable to your company.
Hopefully, this list has ably indicated to you all of the ways, both complex and simplistic, in which AI can couple with ERP software to boost efficiency, spot trends, make predictions and otherwise have a positive influence on your company. AI is an amazing tool that deserves to be implemented in all sorts of companies.