“Hey Siri, I am hungry, can you give me some fast food options nearby?” “Oh shoot! A lot of traffic on the way home.” You must be thinking what is this all about? We come across these situations in our everyday lives where we are using gadgets to achieve real-time results for comfort and saving time. But, are you aware of who is actually giving those results to you? Artificial Intelligence, commonly known as AI is working behind the scenes to control everything from Siri to those self-driven cars and even the navigation maps. In this article, we are going to talk about how Artificial Intelligence, when combined with Enterprise Resource Planning (ERP) services will revolutionize the business operations in the coming years.
What is more important for Businesses: Sustainability or Evolution?
Newer business models should look for sustainability first, and then the evolution. On the contrary, established businesses should embrace innovation to evolve constantly and stay ahead of the competition. Businesses may come across unforeseen losses, which could burn a big hole in the pockets. And as rightly said by Napolean Hill, “Time is valuable, and when it is gone, it is gone.”
Specifically talking about India, it is not difficult to find small pond fish to big industry giants. Right from the mushroom of start-ups to global economy contributors, you will find almost all the products/ services for your businesses. The Enterprise Resource Planning (ERP) software market in India is expected to rise at a CAGR of approximately 25% by 2020, as per the Infoholic Research for Cloud ERP.
ERP products help organizations plan beyond the IT constraints and emerge to be successful in terms of prioritizing tasks, mitigating compliance risks, avoiding delivery failures, creating automated reports and become more mobile. However, unlike traditional ERPs, Cloud ERP platforms offer greater levels of customization and integration options. Fueled with AI, Cloud ERPs can transform the way businesses work.
Listed below are ways in which AI can rejuvenate ERP systems in India:
Smart Predictions: AI integration with ERP software services, empowers businesses with the ability to predict upcoming trends. It helps businesses decide the demand and supply requirements for manufacturing the goods/ services for distribution. It also gives you the leverage to dig deeper into customer insights in regards to their behavior and buying patterns. This means, you can easily control the production, storage and delivery of the inventory without having to worry about uncertainties.
Overall Equipment Effectiveness (OEE): OEE will help manufacturers create strategies to systematically improve their business processes. It help companies identify profit and losses and improve the overall productivity. Since, manually checking every individual asset can be time-consuming and risk bearing, ERP software can accelerate the performance of manufacturing machines through automated reporting and maintenance scheduling, inventory tracking and forecasting.
Predictive Diagnostics: AI with Cloud ERP products will help manufacturers understand the energy losses that occur during the process. This can reduce the number of iteration cycles, testing, and energy consumption. It keeps a check on inefficient practices and helps businesses come up with more viable solutions to better utilize the resources.
In a country like India, where the buying patterns are influenced by a lengthy assessment process and material or resource mismanagement is a common scenario, it is important to incorporate technologies that will make you profitable and also sustainable, Artificial Intelligence (AI) integrated with ERP product and service solutions in India will help in reshaping your business in terms of both scalability and profitability.
Anwar Shaikh writes about automation, AI, cloud, big data, digital marketing and all things enterprise technology such as ERP and CRM solution. A self-made Writer and a Digital Marketing Manager, Anwar writes for Sage Software Solutions Pvt. Ltd., a leading provider of cost-effective and user-friendly CRM software to small and mid-sized businesses in India.