Businesses of all sizes can now automate common workflow procedures and operate with remarkable efficiency thanks to recent breakthroughs in AI-based machine learning and Enterprise Resource Planning (ERP) software.
ERPs, such as SAP professional services, can be especially effective in automating mundane tasks, freeing up resources to focus on more complicated activities such as customer-facing operations and data interpretation. It can spot patterns and automate activities in real time, providing businesses with unparalleled efficiency, functionality, and data insight.
Here are a few reasons why business process automation is important within AI-powered ERP systems:
Using optical character recognition (OCR), ERP solutions can automate data entry. OCR technology recognizes and extracts data from images, such as scanned bills and receipts, using machine learning algorithms. It pulls information such as vendor name, invoice number, date, and amount. This eliminates the need for manual data entry, saving time and avoiding errors.
Another advantage of AI is that it employs natural language processing (NLP) technology, which analyzes and comprehends human language, including text and speech. It can automate the data input process by extracting information from unstructured data sources such as emails, chat logs, and social media.
Data entry can be automated using robotic process automation (RPA) technology that allows ERP systems to read data from spreadsheets, forms, and databases. It can also automate various business processes.
There are patterns and connections within large data sets that are not always obvious to a human observer. ERP solutions with AI capabilities can quickly detect trends, allowing for more accurate forecasting and informed decision-making.
ERP can identify areas where time and money are wasted in certain activities. Managers may miss or disregard opportunities for optimization because they may appear short-term or have low impact. AI can spot these inefficient tasks and offer solutions that will benefit your organization in the long run.
By analyzing data and finding unexpected patterns or behaviors, AI in ERP applications can detect fraudulent activity. Even with an experienced accounting team, the sheer volume of invoices they must process monthly makes it impossible to manually check each one for signs of fraud.
For example, if an employee suddenly begins making substantial purchases outside their regular spending habits, the ERP system can flag those for examination. Similarly, if a supplier begins charging considerably higher pricing for their items, the system can tag them for further inquiry. AI can also analyze invoices and purchase orders to identify potential duplicate payments–this makes it more difficult for scammers to submit fictitious invoices to receive several payments for the same expenditure.
When was the last time you phoned customer support, had to wade through a confusing menu, finally spoke to a live person, yet they still didn't know what you needed assistance with? In a cutthroat industry where client loyalty is hard to come by, businesses need ERP solutions to deliver exceptional customer service.
By using customer data, companies may gain an understanding of each customer's patterns and behaviors. Incorporating advanced AI algorithms with ERP makes it easier to track client habits, gauge how frequently they visit websites, and determine their purchasing power. ERP simplifies workflows, so customer service representatives have the correct information and tools to confidently resolve customer issues.
ERP systems with AI integration guide you to fresh prospects. Some ERP vendors have an integrated e-commerce module that enables companies to expedite order management. The system instantly generates a sales order, adjusts inventory levels, and starts the shipping process when a customer puts an order online. Businesses may consolidate customer data using an ERP system, giving them a complete picture of consumer behavior and preferences. Companies may use this to deliver targeted marketing campaigns, enhance customer support, and encourage repeat business.
ERP can also help you find unexplored target markets overlooked in previous branding and marketing strategies. Because ERP stores data on demographics and psychographics, you can test new marketing initiatives, measure KPIs, and adjust tactics accordingly, allowing your company to increase its market share and strengthen its financial position.
Like choosing a new car, purchasing ERP software can be a long and tedious process. Because it can be an expensive investment, you must ensure it aligns with your organization’s needs and goals. If you want to learn about what an ERP system should include specific to your line of business, contact the experts at NBS to book a consultation.