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AI is Transforming Enterprise Resources Planning in these Five Areas
The incorporation of AI in ERP systems has transformed processes such as sales management, customer service, inventory management, financial management, and human resources, introducing efficiency as well as productivity.
FREMONT, CA: Artificial intelligence (AI) has proliferated to such an extent that it now powers almost all the successful e-commerce and media platforms on the internet. AI algorithms are used to generate recommendations on Netflix and Amazon. AI use cases are permeating everywhere, and enterprise resource planning (ERP) is one of the areas that stand to gain from AI incorporation.
This is how AI is transforming ERP:
The adoption of AI in sales processes can drive price optimization and help in lead conversion. Equipped with AI systems, organizations can accurately predict revenue, sales, and so on for the next quarter. It can aid them in managing inventory, resources, and employee performance. AI can be leveraged to assess the purchase history of customers and recommend new and updated products.
AI has facilitated the use of chatbots to respond to customer queries. Using AI systems, organizations have reduced mundane tasks and enabled the employees to focus on complex customer queries requiring a human touch. AI systems can gather real-time data from various departments, analyze customer history, and draw actionable insights. AI can introduce speed, cost-effectiveness, as well as consistency into the customer service processes.
Effective inventory management involves maintaining sufficient cash reserves as well as the necessary stock to facilitate a seamless business process. When incorporating AI systems, organizations should augment the existing inventory management process, rather than replacing the entire process. The integration of AI and machine learning (ML) will empower the organizations to efficiently manage demand forecasting, stock levels, inventory optimization, user demands, and so on.
AI-powered intelligent bots have enabled the automation of repetitive accounting tasks, bringing more efficiency into transaction-processing, statement verification, economic predictions, and so on by leveraging market data. AI and ML can leverage the varied human inputs to adapt to the behavior patterns of different accounting professionals for enhanced decision making.
The incorporation of AI technology has introduced significant changes in the Human Resource processes. It has transformed the process involved in the hiring and management of employees, bringing speed and efficiency. It has enhanced the selection procedure, allowing employers to make better decisions. It has enabled HR managers to conduct an accurate evaluation of the employees and ensure a better retention rate.