Artificial intelligence (AI) is a relatively new technology, but it is already bringing about improvements in the software industry. According to the research firm Gartner, artificial intelligence will be a key component of ERP software will be.
AI makes ERP systems smarter through ‘machine learning’ and ‘natural language interfaces.’ AI provides ERP systems with actionable insights that enable companies to operate more efficiently. The key, however, is data.
1. Advanced ERP analytics using artificial intelligence
AI’s ability to process large amounts of data enables real-time and accurate data insights. For example, AI can analyze the purchasing behavior of different customer segments, allowing you to develop better products or services. This is already commonly practiced today by following AI recommendations to bundle products that are often purchased together.
2. Warehouse Management
Artificial intelligence allows you to test countless demand forecasts with precision. You can adjust these forecasts to account for various variables, such as changes in demand, supply chain disruptions, and new product launches. This makes it easy to simulate the impact of these changes on your inventory and overall operations.
3. Predicting
AI-driven solutions can process historical data and make predictions. These tools identify seasonal patterns and offer suggestions for increasing or decreasing production.
Business Central can already predict when a particular product will sell well, based on historical data. This allows you to adjust your purchasing or production strategy accordingly.
4. Financial Management
AI can automate monthly and quarterly processes and closing operations by verifying reports and reconciling account balances across independent systems. This reduces the administrative workload for your staff.
By the way, did you know that in Dynamics 365 Business Central Can it predict which invoices are likely to be paid late?
On the one hand, the AI uses a machine learning model from Microsoft, and on the other hand, it gets smarter thanks to your customers' payment histories. This allows you to take proactive action and get your invoices paid faster!
5. Image Recognition for Items in Your ERP
Did you know that in Dynamics 365 a module that analyzes a product photo of your item and sends the detected information back to the ERP system? This is handy if, for example, you need to record product details for your online store. OK, we’ll admit that some items aren’t recognized perfectly yet, but it’s still pretty impressive!
6. Sales Automation
AI-powered chatbots not only assist customers but can also automate the entire sales process. Bots can now also adapt to different customer segments and provide real-time answers to questions. This is especially useful for first-line inquiries, such as “When are you open?” or “What is the status of my order?” Questions about inventory and delivery times can also be automated.
Ready for new ERP software that’s ready to jump on the AI bandwagon?
Although we're still a long way from having fully-fledged A.I. that does all the work for you, there are Microsoft Dynamics 365 Business Central already has a few cool AI capabilities.
Discover what this ERP suite has to offer during a Business Central demo.
