AI in ERP System: Optimizing Processes for Business Excellence

AI is taking over the world, and the ERP sector is no exception. But don’t worry, this tech uprising is not the scary kind. Rather, it is the much-awaited transformation, and every company is warmly embracing it. The application of artificial intelligence in ERP systems is substantially upgrading business management tools. Future-oriented small and large companies are adopting AI-infused ERP systems to manage, optimise, automate, and streamline key business operations.

How does the AI in the ERP Landscape Look in 2024?

With only two months left in 2023, the future of AI in ERP systems looks bright as new trends and patterns are on the rise. It is no secret that more businesses are currently using chatbots and virtual agents. The numbers are only expected to rise from here. This is not a fleeting trend. As companies move towards efficiency and automated workflows, AI-powered tools are here to stay.

Manufacturers are leveraging the advantages of AI-enabled manufacturing ERP systems for their supply chains, inventory management, process efficiency and plant operations. They are also utilising AI to reduce human intervention in hazardous material handling or other dangerous on-site tasks. Therefore, AI in ERP are helping manufacturers create a safe working environment.

Cloud systems are also making AI capabilities accessible to businesses. Without investing a fortune in ERP systems, cloud technology is allowing businesses to tap into powerful AI tools. However, with the rise of AI in ERP systems, the need for more AI experts in 2024 is becoming prominent. Companies are on a hunt to find AI professionals with in-depth ERP knowledge.

Top ERP Systems with AI Capabilities

Here are five AI in ERP examples and the leading companies making dynamic solutions.

Epicor

Epicor is a prominent ERP provider that harnesses artificial intelligence and machine learning. This software solution’s AI capabilities can be utilised in several industries to enhance operations. Epicor Virtual Agent (EVA) is a chatbot that gives proactive alerts to assist users with their tasks. It also employs natural language processing, task execution and recommendations. Additionally, Epicor Kinetic Design is an AI-powered framework that is used for developing interactive and intuitive applications. Hence, Epicor Kinectic’s applications can be easily tailored to the user’s needs.

SAP ERP

AI in SAP ERP improves the solution’s interaction with the users through the AI co-pilot, Joule. It provides a personalised user experience, offers on-demand quick insights, and enhances productivity. SAP Business AI is another robust AI-powered feature that enhances operational efficiency, enables agile decision-making, and automates repetitive tasks within the organisation.

Oracle

Another pioneer in the ERP industry, Oracle also leverages AI in its ERP systems. One of its features, Oracle AI Apps for ERP, is helping companies automate transactional processes. It also provides smart insights and recommends actions. Additionally, the Machine Learning Services facilitate data scientists to construct, train, and manage custom learning models. Oracle Cloud Infrastructure (OCI) AI Services find use in various business verticals like HR, accounting, manufacturing and marketing. Its services include computer vision, anomaly detection, speech recognition, etc.

IFS

IFS Cloud ERP is integrated with its comprehensive AI suite to deliver an interactive experience and in-depth data insights to its users. Some of its key features include Co-pilot, conversational AI assistance, and AI-powered Simulation, which leverages ML and data learning to generate various possible outcomes. It helps businesses anticipate challenges and examine strategies before implementation. Other capabilities are AI-powered Automation, AI-powered Optimization, and AI-powered Analytics.

Acumatica

Automatica is packed with AI-enabled features that automate business processes, aid in problem resolution, and reduce manual data entry and errors. For instance, its natural language processing eases accessing and analysing data, while AI assists in warehouse management. There is also a help desk self-service feature that enables users to solve queries by using AI/ML and lends interactive assistance.

You May Also Like to Read: Odoo and SAP Business One: Which ERP Software is Right for Your Business?

Features of AI-enabled ERP systems

Every ERP software solution is boasting of different AI-infused capabilities. So, what should you expect when buying a license for an AI-powered ERP system? Here are six basic features every ERP with AI must have:

Computer Vision

An intelligent approach for extracting valuable information from documents, including text, images, and data. By automating data extraction and documentation, companies are reducing the chances of human errors and eliminating tedious manual data entry tasks. Natural language processing: NLP facilitates communication with ERP software via chatbots and virtual agents, ensuring effortless interaction with the system.

Predictive Analytics

Predictive analytics analyses data to discern patterns and forecast future outcomes. It leverages business intelligence to enable proactive data-driven decisions. Machine learning: Machine learning enables the system to learn data and tailor workflows, refine procedures, and enhance decision-making abilities. It can create an intelligent and adaptive environment.

Sentiment Analysis

It is a high-end tech that collects text from different sources and evaluates it to comprehend the emotions and opinions of customers and employees. It offers valuable insights that help in improving customer engagement and experiences.

Demand Forecasting

Utilises historical data to estimate future demand to facilitate production planning, inventory management, supply chain and logistics. Advanced ERP solutions also use regression models and deep learning algorithms to stay prepared for demand surges or slumps.

How does AI-enabled ERP facilitate organisational growth?

There are multiple applications of AI in ERP systems. But what are its tangible advantages at the organisational level? Here’s how AI in ERP is translating capabilities into opportunities:

Better Data Insights: AI unveils valuable data from the ERP system and different departments, so you are on top of affairs.

Increased Productivity: AI-powered automation simplifies and streamlines day-to-day tasks so employees can focus on vital activities, and it increases their productivity.

Improved Decision-Making: Quick access to real-time data and valuable insights enables the top and middle management to make informed and timely decisions to stay ahead of the competition.

Reduced Human Error: Process automation and increased operational efficiency mitigate the chances of human errors.

Enhanced Customer Experiences: Virtual chatbots and AI-powered agents help customers address and resolve their concerns and improve interactions.

What is the Future of AI in ERP Systems?

AI-powered ERP systems are redefining the market, and in the coming years, there will be a surge in AI trends. Here are four AI innovations and trends that will fuel growth:

Hyperautomation

As businesses strive to achieve higher levels of efficiency, they will want higher levels of hyperautomation. Therefore, there will be more AI-driven ERP features that automate many business processes.

Cross-platform AI Capabilities: Businesses will also want to integrate multiple solutions with ERP solutions with AI capabilities. Such features will help businesses perform unified, cross-functional operations.

Industry-specific AI solutions: Every industry will demand tailored AI-enabled ERP systems to address the unique challenges of each sector.

Explainable AI (XAI): Explainable machine learning or interpretable AI will logically simplify complex decisions and improve human and AI interactions.

Stay Future-Ready With an ERP Implementation Partner Specialising in AI-enabled ERP

Like many industries, AI is also the future of the ERP sector. Unfortunately, there is a dearth of skilled AI-enabled ERP experts and vendors. Indeed, companies’ needs and skills are constantly changing, and there’s always something new to learn. Silver Touch Technologies is equipped with the latest industrial advancements and AI knowledge. With time, we have upgraded our team to serve you with the best AI-empowered ERP functionalities. Contact us to know more.

FAQs about AI in ERP Systems