Making waves in the software market, Artificial Intelligence (AI) has been creating an impact on Enterprise Resource Planning (ERP) systems for a while now. For those who don’t know, ERP systems are standard practice for fashion businesses. ‘Smart’ to a certain extent, ERP software usually functions around some form of a centralized ERP system until AI walked in.
Already part of familiar platforms like Epicor, Microsoft, NetSuite, and SAP, AI has been transforming systems through creativity and agility. Also known as Intelligent ERP or iERP, AI-enabled ERP solutions influence the core of a company’s day-to-day business functions and provide actionable data insights that enable a business to improve its operational efficiency.
AI-enabled ERP Solutions, The New Technological Benchmark
Although some experts believe that artificial intelligence has not yet fully arrived, it has, according to a Gartner report, been the core enabler for nearly every new software in 2020. Making existing ERP systems more robust, AI helps streamline business processes and minimize operating expenses.
AI-enabled ERP applications turn limitations into opportunities and provide an extensively personalized experience to the user by assisting companies to function faster in a more useful way. When AI is part of the ERP system, it will improve the forecasting capabilities of your software. This includes advanced algorithms that can search through and analyze the massive data sets collected in the ERP system.
As Artificial Intelligence continues to transform ERP systems in incredible ways, businesses turn to AI in ERP systems because it makes their processes’ smarter. By unlocking their business data’s hidden potential, they can then use it to manage functionalities with optimal efficiency.
The Benefits of AI-enabled ERP
Although ERP technology has undergone several waves of changes in the last couple of decades, intelligent ERP has become an indispensable system for fashion businesses. Transforming the future of ERP, AI has been making a notable impact on the fashion industry’s landscape. This is mainly because combining AI and ERP allows fashion businesses to take full advantage of the integration and the numerous benefits it comes with, like enabling fashion businesses to tailor products or services to a specific audience’s needs.
On the value of AI and ERP integration, CIO magazine said: “Without a doubt, artificial intelligence (AI) will have a profound impact on the footprint of enterprise resource planning (ERP) solutions in the foreseeable future. AI will enable organizations to optimize further their operating model made up of business processes, software applications, governance structures and technology infrastructure.”
Augmenting ERP solutions’ effectiveness, AI technology continues to play a crucial role in improving forecasting accuracy. This is a benefit that can significantly reduce the risk of underproduction or overproduction for fashion businesses. Also, AI integrated with an ERP system can detect inefficient processes and identify processes that use too much energy, minimizing the waste of resources. Another advantage of AI-enabled ERP software is that it can be proactive in taking over tedious tasks and performing actions with fewer errors and less time.
Although the technology offers great benefits, some of you might wonder whether now is the best time to be investing in AI-enabled ERP? Well, I think the answer is simple. If you are ready to boost your business growth and unlock its full potential, then yes, now is the perfect time to go full-on AI meets ERP.