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Artificial Intelligence (AI) has received a lot of coverage in the past year and has become a key driver in almost every facet of our lives, even if we don’t realise it!
The integration of AI into Enterprise Resource Planning (ERP) software is no exception, and this technology shift has been having a significant impact on how businesses operate, leading to greater efficiency, smarter decision-making, and improved productivity.
With continued economic uncertainty, complicated business structures and new challenges appearing all the time, the business landscape has never been more competitive which makes the use of technology like AI a must-have.
AI has transformed the way businesses manage routine tasks, such as Accounts Payable, and has helped to manage more complex processes such as advanced supply chains and predictive financial forecasting. It has also become pivotal in helping businesses gain comprehensive insights into large data sets to assist with decision making. Put simply AI will help you work smarter, not harder.
Let’s look at some of the ways AI is having the greatest impact on ERP solutions.
One of the most widely used areas of AI is with the automation of routine tasks. AI can be used to automate repetitive tasks such as data entry, financial transactions, basic customer service and payroll management. However, one of the areas AI has really driven significant improvements regarding automation is the automation of the accounts payable function within businesses. Automating routine tasks can save significant time due to the reduction of manual labour and minimises the risk of human errors.
AI can be used to analyse large volumes of data quickly and accurately and can uncover insights that would be almost impossible to uncover manually. This is one area that AI really comes into its own! It can help analyse historical data to identify patterns and correlations that can then be used to forecast sales and customer demands more accurately and help you make smart, data-driven decisions.
Did you know a staggering 71% of customers expect a personalised service? AI makes this a reality for businesses of all sizes, not just the countries largest corporations, by using predictive analytics to analyse historical customer data and forecast customer behaviour accurately so you can tailor interactions with your customers accordingly. This could include offering personalised product recommendations based on previous purchases or a tailored website interface to suit each individual customer.
Optimised supply chains make for stronger relationships with suppliers and that can mean better rates, wider product availability and faster shipping negotiations. Managing supply chains using AI has become a breeze for businesses as it can help to analyse large amounts of data in real-time such as supplier performance and inventory levels and can also forecast demand and logistical disruptions too so bottlenecks can be dealt with before they cause bigger challenges.
Not only that but AI-powered ERP can facilitate alerts based on predefined rules such as critical stock levels and credit limits being exceeded so you can stay on top of things even in the busiest of operations.
Fraud is at an all-time high and AI-powered ERP systems, such as Automated Accounts Payable solutions, can quickly detect unusual patterns or anomalies in transactions or invoices and flag them for further review, helping prevent fraud or data breaches. AI can also help by monitoring and analysing access patterns, identifying suspicious activities, and strengthening the overall security framework of ERP systems.
AI is transforming ERP software from being merely a tool for managing business processes to becoming an intelligent system that drives strategic decision-making, optimizes workflows, and enhances overall efficiency and has found a place sitting at the heart of many businesses, large and small. By leveraging AI, businesses can unlock greater value from their ERP investments, improve agility, and stay competitive in an increasingly data-driven world.
For more information about the use of AI within our Pegasus products and how solutions such as Opera 3 SE can help to drive growth within your business, please contact us today.
Posted On: September 12, 2024
