AI & Machine Learning is fuelling significant improvements in ERP software. Tremendous breakthroughs in the arena of deep learning have transformed how Enterprise Resource Plannings(ERPs) process & analyze the data. Not only businesses are receiving real-time analysis but also it is possible to implement automated solutions that work smartly.
Impact Of Artificial Intelligence Within ERP Systems
AI can positively impact any industry and ERP systems are no exception! It can act as a force-multiplier and provide deep insights that a business/organization can use to enhance its operational productivity.
Many industries are actively fusing some sort of artificial intelligence (AI) in their regular enterprise processes and the trend will get stronger in this decade. When an AI-enabled ERP software is synchronized with digital assistance, the management gets access to information instantaneously. For instance, the Sales manager can simply use a Smartphone & raise a query. The system will waste no time in voicing out the answer & displaying it.
Procurement managers benefit from the real-time reports of the entire stock, generated by an AI-based ERP system. From live inventory balances of each item to reorder levels to credit limits of distributors’ current items in transit, etc, everything can be visualized, organized & managed.
Field sales executives can minimize the time to sign orders or process deliveries with the active assistance of AI. The back-office workers can also utilize voice-based instructions for entry-based management. It spurs multi-tasking & boosts efficiency.
How Can AI Improve an ERP Software?
● Advanced Analytics
AI’s capability to manage huge amounts of data & retrieve actionable analytics from it facilitates live & reliable data insights. For instance, AI can easily understand the buying pattern of customers related to various product/service categories. This enables a business to customize its products/services to match the demands of a specific audience.
● Warehouse Management
Warehouse management becomes simple with AI-driven processes in an ERP.
We can take a cue from the automobile giant, BMW. The company utilizes learning algorithms that track an object right from the manufacturing stage to its PoS(Point of Sale). With the aid of Artificial Intelligence, it effectively supervises 30+ assembly lines in various countries.
● Financial Management
AI automates quarterly/monthly processes and close operations by checking accuracy reports. It does so by precisely comparing the account balances between different independent systems.
For example, AI will categorize invoice data into various accounts and can establish the difference between a monthly phone bill and a purchase made from a phone.
● Inter-departmental Processes
Uniting the sales process, inventory management, and accounting is necessary but not easy! However, AI can handle massive & different types of data to provide everything in a centralized platform.
● Customer Service
If your company is involved in field service, AI can utilize data of employee qualifications & performance evaluations to schedule service calls & also assist in planning.
AI-driven systems can analyze available information and forecast the future. They are apt in identifying seasonal trends in your company while providing real-time suggestions on whether the production should be reduced or increased. AI can make use of captured data to simulate several demand forecasting models with accuracy. It can adjust many variables & factors in all possible scenarios such as changes in demand, possible disruptions in supply chains, and introduction of new products/services from a competitor.
Apart from reducing the cost of forecasting AI makes forecasting very reliable. The risk of overproduction or underproduction is eliminated to a great extent.
● Rooting Out Inefficiency In Production Processes
When combined with the ERP framework, AI can identify the areas of improvement in the production process and propose a cost-saving solution.
Additionally, AI can accurately detect processes that overuse a certain resource. It facilitates predictive diagnostics and minimizes the waste of resources in every segment.
● Human Resources
AI-enabled ERP software is proactive. For example, it can identify the employees who deserve a raise. Also, it can assess the data of applicants based on experience & skills, to fast track the recruitment process.
Chatbots are taking over and its benefits are not restricted to their 24/7 availability! From handling complex queries to boosting sales & improving customer interaction it’s a champion in any field it is deployed. Chatbots are a smooth platform to smartly introduce new products & services to the customers through suggestions based on what they are searching for! While communicating with the customers, chatbots record the details & the underlying AI can utilize them to provide actionable records of the biggest pain points. It can help a company improve its products and services.
● Cloud ERP
Cloud ERP is a smart way to execute your Enterprise Resource Planning through the Internet. It’s a nice approach for small & medium-sized businesses(SMBs) to save on IT infrastructure expenses & maintenance fees.
Cloud-based ERP combined with AI & Machine Learning will boost the adoption of ERP solutions. Image processing, automated billing solutions, and voice recognition capabilities will pave the way for additional data collection by leveraging the newer technologies of the Internet of Things (IoT).
Integration Of AI & ML With Odoo
Odoo is one of the best ERPs available in the market. Implementation of AI in its operational methodology can be beneficial as it operates from a single platform. As it collects a large amount of data, Machine Learning can utilize it to a great extent for deeper analysis.
Odoo apps powered by AI are able to understand languages, recognize pictures, do complex reasoning & decision-making tasks that involve the most essential mathematical parameters. The AI systems in Odoo can track the efficacy of every individual manufacturing lane, material, etc. This will assist the users in controlling an anomaly in the operations while automating other tasks to increase efficiency.
Although ERP systems have traditionally integrated different functions in an organization, AI enhances the overall integration & productivity to a whole new level. It happens through robust analysis of data, forecasts, and recommendations of the best possible steps. Ksolves can help your company implement the best AI-enabled ERP system that boosts your working efficiency and heightens customer experience. As a leading service provider of Odoo, our AI experts can assess any business requirement & implement the best solutions!