Enterprise Resource Planning or ERP creates an environment in which various systems and processes including inventory, accounting, and personnel are integrated under a software solution. ERP strategy should continually grow to adapt the business. Artificial Intelligence enabled ERP solutions are impacting the day to day business operations on a large scale. This need is driven by an ongoing need to reduce operational labor and cost.
AI Tools Used In ERP
All leading AI applications areas are currently being used in ERP strategies. Organizations are using multiple forms of AI to maximum fuel ERP strategies.
• Chatbots and virtual assistants: They are enabling ERP strategies to leverage better customer experience and the need for a self-service experience that is easy to use. The common deployments include recruiting and HR service delivery operations. It benefits in management, expense reporting, calendaring functions, and supporting time.
• Analytics: AI driven analytics are increasingly becoming in ERP to support automation and human decision making. They help provide real-time, descriptive, predictive and prospective analysis.
• Smart objects, sensors, and environments: Robotics, smart buildings, intelligence integrated with the Internet of Things applications are disrupting traditional ways of business operations.
• Human capital management (HCM): AI in HCM domains help in recruiting, skills and job taxonomies, sentiment analysis, and theme detection, recommendation engines and chatbots.
• Offers deeper insights into data: There exist patterns and correlations in the massive data sets found in an ERP. With AI SMBs can identify these trends and make insightful inferences about specific business operations. This allows more accurate forecasting and decision making.
• Automates routine processes: AI can make routine responsibilities such as accounting and payroll administration effortless. It allows an advanced form of efficiency optimization, freeing up valuable human labor to focus on more complex tasks that no machine can reliably handle.
• Improves user experience: The element of AI makes intelligent decisions based on human input. This smoothens the user experience of all involved. Companies can create responsive and engaging user experience relatively quickly.
Apart from the advantages of using AI in ERP, there are a certain amount of risks involved also. The failure of integration without adequate resources, minor mishappenings turning into serious issues are some. But AI enabled ERP should be a consideration for any business regardless of its size.