How AI in ERP impacts businesses
Artificial Intelligence (AI) and machine learning have become the new tech buzzwords everywhere. The technology elicits a myriad spectrum of benefits that organisations can achieve through machine augmentation. From automation, data analytics, and natural language processing, AI can be used across industries for streamlining operations and improving efficiencies. While automation alleviates tasks that are repetitive and sometimes even dangerous, data analytics provides in-depth insights into business operations that were never before possible to achieve. In addition, natural language processing allows accessibility to intelligent search engines that displays accurate search results without having the need to type the queries.
AI in Business Applications
AI in business applications is still in its infancy. Yet despite the current state, the benefits and capabilities of the technology are extraordinary! Many industries have already started incorporating some form of artificial intelligence into their day-to-day business processes to improve them at every level.
When AI-enabled business software is synced with a virtual assistant, top managements do not need to login to the application to get reports or information instantly. They can just pick their phone and raise a voice query like 'hey Google or Alexa, what is the cash balance in my bank account? or what is my total sales revenue for today? or give me the list of customer receivables over 100,000," that's it. Immediately, the system voices out the search result as well as displays it on the phone screen.
Procurement managers who need to travel more often are benefitted by the mobile-based AI that can be used on the go. The system generates real-time reports of complete inventory, that can be anything ranging from exact stock balances of each item, reorder levels, credit limit balance of specific vendors, goods that are in transit, and so on.
Field sales executives can reduce the time of processing deliveries or signing orders at the customer site with the help of AI. Details of their customer visits are automatically recorded in the system, without any manual intervention. This makes easier for salespeople to keep track of their pending deliveries and also notify the customer in case of delays, thus, improves customer service.
Artificial intelligence even impacts the desktop or back-office staff. The advanced technology stimulates employees to use voice-based commands for processing orders. This reduces the laborious key entry-based order management. Consequently, makes multi-tasking easier as users can command the application to print statements or generate reports or do other tasks simultaneously.
Benefits of AI are even extended to external users. Instead of waiting for reports to be sent or to call the back-office to get the details of order status or know balance or get price quotations, customers or vendors can use their dashboard to get information as and when they need through the chatbots.
AI transforms operations in different industries
As per the recent studies, AI technology stands to make the greatest impact on industries associated with marketing services, production, and supply chain management. While that being said, the horizon of AI can extend much beyond and has the potential to sway each and every industry out there. Machine learning would make the management systems more effective to automate, predict, and respond with the efficiency that humans can't.
AI in Manufacturing
The manufacturing industry has always been ready to embrace innovation in technologies. Augmented reality and predictive analysis tools are already a part of it. With the introduction of AI and machine learning, organizations can keep their inventories lean, impose superior control on costs, implement better planned preventative maintenance measures, etc., to ensure every operation are well-organized and are less prone to errors.
AI in Retail
AI would change the way retail companies deal with their business operations today. The next-gen technology gathers and processes a massive amount of customer data and draw a meaningful conclusion from them. This empowers retailers to create immaculately personalize the shopping experience for the customers and provide emotional responses to their queries. This way, businesses would experience a significant rise in customer loyalty and sales.
Preparing for AI integration across all departments
Although AI in business management solutions is a relatively new concept, organizations are rapidly accepting it. This evolution is sure to have a great advantage in the landscape of the future. However, it also gives rise to the challenge to ensure that the organisations are equipped with necessary strategies and plans to support this technological advancement.