The Top 3 Benefits of Using AI-Enabled ERP Systems

The Top 3 Benefits of Using AI-Enabled ERP Systems

ERP systems are becoming increasingly more inextricably linked to modern business architecture. In reality, any company operating in any industry is almost certain to have a multi-functional ERP system supporting its operations. With ERP solutions dominating the market, businesses are now viewing intelligent AI-enabled ERP as a new technical benchmark.

Although ERP technology has experienced many stages of evolution over the last few decades, the digital revolution has given it an unparalleled boost in capability and relevance.  The development and deployment of AI-enabled ERP is the next step in the evolution of this technology, having assimilated all of the core business functions.

The Need for AI-Enabled ERP Systems

The capabilities of modern AI systems are well-known in both the business world and the general public. To simplify their routine activities, most companies have implemented a variety of complex and practical AI applications.  It’s becoming more popular in the modern workplace, where chatbots improve customer service and AI-based big data analytics improve decision-making. AI can be used in combination with ERP systems as an extension of these applications.

Also Read: Harnessing the Power of ERP and IoT Integration

These AI-enabled ERP systems don’t just add the advantages of individual applications; they have a much greater effect than the sum of their parts. There are a slew of advantages to using AI-enabled ERP systems, all of which stem from the following three characteristics:

AI can be used in combination with ERP systems as an extension of these applications. These AI-enabled ERP systems don’t just add up the benefits of individual applications, they have a much greater effect than the sum of the individual parts. Using AI-enabled ERP systems has various advantages, all of which stem from the following three characteristics:

Reduced Data Entry

Despite the fact that ERP systems eliminated the need for manual data entry, some data had to be entered repeatedly. This resulted in wasteful use of available man-hours, as the majority of them were spent on automatable, repetitive tasks, cutting down the time available for innovation and creative projects that required focus.

Businesses can automate almost any interaction that involves manual data entry with the implementation of AI-enabled ERP, enabling employees to focus on activities that have a greater impact on the company. These AI-enabled ERP systems can decipher data from various sources, such as online invoices and order types, using natural language processing (NLP), without requiring employees to type in data from various sources. This also reduces the risk of incorrect entries, which is always a probability when manual entry is needed.

Intelligent Data Processing

ERP systems are ‘intelligent to a degree and can perform small calculations. They’re not even close to being able to handle all of the data that the systems store and use. But, AI-enabled ERP systems can use data from one module to make a decision in another module autonomously. This means that humans aren’t required to perform repetitive calculations or make repeated references to various ERP modules.

Also Read: AI Takes Over Supply Chain Management

Data Analytics

Organizations use various Big Data and AI applications to perform data analytics – this form of analytics can now be used in ERP-based decision-making. While most ERP can only produce reports based on historical data, AI-enabled ERP can conduct predictive analytics to improve the certainty of decision-making processes on both an operational and strategic level. This greatly improves business agility and allows them to solve problems based on reliable data.

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Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.