How would you feel about having a costly ERP software system and inability to monitor and control operations in real-time? Undoubtedly, it annoys and leaves your business far behind the competition.
With the rapid adoption of technology, Artificial Intelligence (AI) has gained immense significance despite its relative infancy. Ai is emerging into every industry now, and the ERP market is no more an exception. Ai powered ERP software solutions are the current buzz in automating and transforming business operations. Gartner predicts that by 2020, almost every new piece of software on the market will leverage AI technology in some form or fashion. By 2021, 80 percent of all emerging technologies will rely on AI as the centerpiece of its infrastructure. Here, in this blog, we discuss the prime benefits of AI technology and how it transforms the ERP industry in the future.
AI Powered ERP software solutions in the manufacturing industry:
ERP adoption is imperative in the manufacturing industry to have process efficiency and improved productivity. Furthermore, AI Powered ERP software solutions assist with planning and scheduling to minimize manual intervention and erroneous operations.
AI helps manufacturing industries in process optimization in less time. Moreover, it keeps track of the machinery functionality as preventative maintenance and avoids process disruptions.
AI in the retail industry:
AI-enabled cloud ERP solutions help retailers in tracking user behavior and finding new business opportunities. It helps in creating customized sales and marketing solutions to reach the right audience at the right place.
Artificial Intelligence technology adoption can be an added advantage for retailer companies that gather and process heaps of data. AI in retail industry will help businesses to derive meaningful insights from massive amounts of data and help companies to create personalized shopping experience via chatbots. Here are the examples of stores using AI for better shopping experience.
- In April, Walmart unveiled its store of the future, called the Intelligent Retail Lab (IRL). Instead of using intelligent technology to track items and purchases, Walmart’s system is tracking inventor levels to alert staff when shelves need to be restocked or if fresh items have sat too long and need to be pulled.
- Using IBM Watson cognitive computing tech, North Face personalizes product matching based on real-time customer input on where they’re going and when and how they plan to spend their time there.
- In another example, Walgreens uses data from its antiviral prescriptions to track the spread of the flu. Doing so helps customers see the flu levels in their area and also helps Walgreens manage stock across its 8,000 stores.
The right inventory is crucial for any business to plan and schedule production. AI-powered ERP systems help in real-time product tracking and replenish with adequate inventory to avoid both over and under product availability. It gives you information about user search patterns and the most searched products on your eCommerce website to understand user behavior.
Furthermore, advanced features in AI-enabled ERP systems allow you to track products based on their frequency of sales and profits. Hence, business owners can plan inventory according to user requirements.
AI for business growth forecasting: AI Powered ERP software solutions use cases
Demand forecasting is a must for any retail business to grow beyond the market challenges. With the adoption of AI Powered ERP software solutions like NetSuite help businesses to understand KPIs and forecast business growth. NetSuite ERP collects data from disorganized systems and processes mountains of data to convert it into actionable items.
NetSuite integrates every sensor and IoT enabled device to ensure no single speck of important data will be missed. It’s incredible features like SuiteAnalytics help businesses to surpass peers with advanced forecasting capabilities.
Regardless of the business and scale, customer experience is always a daunting challenge. In recent times, customers are expecting personalized services instead of standard or generalized services and updates. AI-enabled ERP solutions facilitate businesses with the latest chatbots that can assist and interact with customers. Thus, your business will be in live 24×7 and 365 days.
Chatbots for your enterprises engage customers round the clock with prompt responses quickly and securely. Artificial Intelligence systems learn from legacy data and deliver customized responses to nurture them further.
Although AI technology is an infant to adopt, the potential of AI-enabled ERP solutions is immense. Above all, not only does AI reduce the cost of production, automation, and manual intervention; conversely, it improves the quality, trust, and customer experience ingrained with perfect forecasting.
Today, ERP vendors are mushrooming in the market; and it’s quite challenging to select the right ERP software for skyrocketing growth. We at Amzur, have the ERP industry experience over the last two decades and helped many organizations to foresee their growth. We are a trusted and reliable NetSuite alliance partner in Tampa, Florida, and offering services across the USA.
Amzur’s NetSuite developers can help you with AI Powered ERP software solutions that drive process efficiency and improved customer experience together.