In our previous post, we explored the powerful technologies of artificial intelligence (AI) and machine learning (ML), and how they’re making their way into modern, cloud-based ERP systems. Growing businesses are adopting cloud-based technology to scale operations, automate processes, and help them manage increasing volumes of operational, financial, and customer data. When it comes to making the most of this business data, we can look to AI and ML technologies as the “way ahead.”
Both NetSuite and Acumatica are introducing innovative AI and ML based capabilities to customers of their ERP solutions. Let’s take a closer look.
Present and Predictive Intelligence
In a press release introducing the new artificial intelligence and machine learning capabilities within their“intelligent cloud suite,” Oracle NetSuite’s executive vice president, Jim McGeever remarked, “We’re equipping our customers to understand not only what’s happened with their business, but what will happen in the future and how they can stay ahead.”
Modern ERP systems like NetSuite and Acumatica collect and process data from across organizations, giving decision-makers access to incredible amounts of business intelligence. But with AI and ML technology, there’s more, thanks to advanced algorithms that deliver deeper, more actionable and predictive insights.
On top of the “standard” data management these solutions have been providing (e.g. comprehensive, 360-degree, on-demand reporting), the cloud ERPs are “learning” in order to help organizations predict next steps. They’re making use of the massive amounts of data constantly being introduced into the systems to become “smarter” and more strategic.
Supporting Departments Across the Organization
As Acumatica notes, “The integration of Artificial Intelligence (AI) and Machine Learning (ML), (decision-makers) can analyze a wealth of data and information quickly and offer more strategic guidance than ever before.” NetSuite shares the ways professionals across the modern organization are able to take advantage of this technology:
- Finance and Procurement Professionals:
- Improve audit risk analysis
- Analyze past payment history with vendors and customers
- Enhance cash flow predictions
- HR Professionals:
- Create profiles of the best candidate based on existing top performers
- Predict high performers who might be a flight risk
- Automate employee self-service by identifying what questions employees might have based on role, time of year or other factors
- Supply Chain Professionals:
- Identify risks or potential upcoming problems in the supply chain and provide potential solutions
- Manufacturing Professionals:
- Optimize labor schedules in the warehouse based on past performance or predicted demand
- Identify machinery in need of maintenance
- Commerce Professionals:
- Boost “searchandising” (interaction between search and merchandising)
- Improve online sales and conversions by serving up products customers are more likely to buy based on key indicators such as past purchases, search history and results of similar buyers
- Customer Services Professionals:
- Anticipate a customer’s satisfaction
- Predict a customer’s likelihood of renewal
- Marketing Professionals:
- Improve campaign optimization by identifying what type of campaigns lead to a conversion
- Sales Professionals:
- Guide agents through the sales process
- Personalize sales process for the prospect
- Take advantage of upsell and cross-sell opportunities
The Strategic Advantage of AI and ML in Your ERP
These examples demonstrate how AI and ML technology help decision-makers by analyzing data in ways the human mind can’t quickly manage. For example, a user can view a real-time inventory metric on a standard ERP dashboard—but with advanced technology that’s built to provide next-level insights, a user can see that it’s time to re-order inventory. The decision-maker is given information they can take action on immediately, without having to make their own calculations. The inventory metric becomes meaningful.
Similarly, a user is no longer limited to viewing historical reports and drawing his or her own conclusions on what the information “means” or “what to do with it.” With AI and ML intelligence running behind the ERP scenes, the decision-maker is given predictive knowledge—a probable pattern or trend to look out for—that arms them to prepare for what’s (likely) going to happen next.
The possibilities are seemingly endless. If you’re eager to experience a higher level of intelligence from your own business systems,schedule a free consultation with MIBAR today.