Latest AI Innovations Enriching Enterprise Resources Planning
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Latest AI Innovations Enriching Enterprise Resources Planning

By CIOReview | Thursday, June 13, 2019

FREMONT, CA: Enterprise Resources Planning (ERP) has dramatically assisted enterprises in streamlining many aspects of management. An increasing number of companies are opting for software systems, aiming at integrating the functionalities and achieve better efficiencies. Now with artificial intelligence, ERP is more advantageous than ever. Let us see how artificial intelligence is improving ERPs.

• Better Customer Services

AI-driven chatbots have made customer services efficient, cost-effective and fast. Chatbots answer customer queries instantly, and they are available round the clock. Chatbots act fast and gather relevant information from concerned departments. The capabilities of chatbots make them a better option when compared with human customer care executives.

• Efficient Inventory Management

AI can be of great use in inventory management. Keeping an eye on stocks and finances becomes hassle-free. The many tools of AI help companies by providing demand forecasts and predicting upcoming trends. Smooth maintenance of stocks, inventory optimization and cash management, becomes accurate.

• Handling the Workforce

All aspects of workforce management have changed with the incorporation of AI. AI has made everything simpler from hiring to appraising. Employees are offered promotions without bias and assigned duties according to the skills they possess. The individual growth of workers is now well documented.

• Improving Sales Strategies

Optimization has become achievable with AI. AI enables companies to gain a better understanding of the market by analyzing tons of unorganized data and revealing hidden patterns. Companies are also empowered to take better business decisions with the help of predictive analysis.

• Money Matters

Accounting can be repetitive, and there are high chances of error when human labor is involved. AI can improve financial management by making transaction processing efficient, verifying credentials accurately and predicting economic trends in the market. Smarter policies and well-planned programs are easy to create with AI and ML tools.

The possibilities of these evolving technologies are innumerable. They have successfully triggered an innovation, where service providers are competing to provide the best solutions by incorporating technologies. ERP was already an indispensable tool, but with assistance from AI, many aspects are poised to transform for the better.

See Also: Top ERP Solution Companies