How AI is Changing ERP?
The use of AI in ERP Systems provides enterprises with many advantages in terms of both efficiency and cost. We have compiled these advantages for you.
ERP systems have incorporated AI to maximize efficiency while minimizing the cost by cutting down on iterative tasks and human resource management.
The benefits of AI in Enterprise Resource Planning (ERP) systems are numerous and provide optimal functionality. Many businesses still feel reluctant due to the fear of facing security breaches. Elaboration of some of the sectors in which AI are used to enhance ERP systems are discussed. Here are a few use cases that suggest how AI is changing ERP:
1. Sales Management:
AI algorithms will improve price optimization, lead scoring, and assist in the prediction of the next quarter’s revenue and sales by accurately managing the resources, inventory, and employee performance. With the implementation of an AI system, the existing clients can be helped to attain an upgraded version depending on their history of purchases.
2. Customer Service:
AI enables a cost-effective, quicker service. The chatbots are already deployed to provide an instantaneous reply to simple inquiries of customers, reducing the number of mundane tasks for the customer representative to handle. With AI algorithms, the chatbots can source data from varied departments, conduct analysis, and provide optimal suggestions considering the history of the customer.
3. Inventory Management:
Efficient inventory management is to ensure that there are stocks available to conduct smooth business operations while having sufficient cash reserves. The AI-powered inventory manager is a retrofitting to the system rather than a replacement. It can manage the demand forecasting, optimization of inventory, user demands, and stock levels with immense precision.
4. Financial Management:
The utilization of intelligent bots for automating iterative accounting functions and prioritizing customer service is possible by application of AI. It can improve process efficiency, statement verification, and reporting accuracy. With different inputs from humans, the AI and ML can predict trends and take better decisions to adapt to the patterns of various accounting professionals.
5. Human Resources (HR):
HR has showcased some significant advancement with the addition of AI; the new AI-powered HR is reforming the methodologies used by the companies for the process of hiring and managing a workforce. It can scan and evaluate the applicants’ profile to match them to a suitable work position. The tools and software which are AI based are also utilized for onboarding, training, and managing the employee’s performance.