For many years, ERP has been the stand-alone solution for industries. It had been the go-to system to streamline the complex operations of organizations. More and more businesses are prioritizing their ERP Implementation plan to get the most out of their business.
Business managers had a feeling that an introduction to ERP is the beginning of the end of all their worries. However, new technological frontiers have left business managers scratching their heads. They are now searching for ways as to how to use ERP software in more innovative ways so that it not just streamlines business operations, but also throws interesting insights into various business aspects.
The New Age of ERP
Rapid strides in technology, especially the cloud deployment, Artificial Intelligence, machine learning and analytics has thrown up new opportunities to businesses. It is now possible to gauge customer preferences, design personalized promotional campaigns and a lot more.
Businesses are adopting these technologies like never before, and the race to get under the skin of the customer has become intense. With ERP software in operation in many organizations, it is time that businesses innovate ERP and orient it to the dynamics of recent technological changes. ERP is no longer limited to just workflow guide and templates. Here are some ways that innovative companies are utilizing ERP software:
Automation with Artificial Intelligence
Businesses with ERP software installed in their organization are using AI for recognition and development of automation.
While automation has always been a value proposition for businesses, identifying areas for automation and developing and integrating them within the existing structure has not always been easy. Businesses need to identify the opportunities for automation within the existing ERP system for successful implementation.
AI can help businesses spot opportunities where automation within an existing ERP system can enhance employee productivity and efficiency. Companies are now even using ERP software in such a way that it can itself roll out automation.
Easier System Interaction
Another AI-led innovation of ERP is noticed in providing natural language interfaces to systems. This is helping users interact with the system more easily. AI is making ERP become more user-friendly and thereby improve productivity.
Voice Recognition is an offshoot of Artificial Intelligence, and it is helping companies to get rid of the need of keying data. Chatbots integrated with AI can automate the process of customer interaction. It can be escalated to a human interface level wherein the presence of a live person can be felt by the customer, when in reality it’s all automated data.
Integrating data mining with ERP can yield wonderful results. Since an ERP installation houses all data about an organization, integrating data mining with the existing system can throw insightful data about everything from human resources to manufacturing and orders.
Businesses are innovating their ERP systems to derive more value from various business operations. With the help of a cloud-based ERP, it is now possible to sort through a variety of business data to uncover hidden opportunities. In fact, this has given rise to a new area known as ERP analytics. This is indeed mining actionable points from the sea of business data.
Secure Digital Ledgers
The integration of Blockchain with ERP can give rise to wonderful results. It can enable businesses to design smart contracts which can automatically record transactions, deliver proof of transactions and connect with contractors and suppliers in a better way by enhancing the security of shared data.
Data Integration with Cloud
Since the advent of cloud, data integration has become easy and smooth. Cloud-based ERP systems can be integrated with other systems through APIs. This is breaking down data silos and making ERP systems actionable. By integrating cloud based ERP with data sources, businesses are able to analyze data better. Hence, data integration with cloud technology is helping businesses get more out of data and ERP investment.
Internet of Things
With the help of Internet Of Things, it is possible for systems to transfer data over a network. This can take place without human intervention. Though the concept is not yet matured and depends on various factors such as 5g network, it can have a wide use including in Radio Frequency Identification, GPS, sensor technology and many more.
Devices can be attached to equipment within an ERP setup and that can throw up a complex set of parameters such as performance and location. This can help organizations identify issues and eliminate them. Users can also come up with critical information like unused, underutilized or unnecessary asset, whether assets require maintenance or not, for instance.
The automation of ERP processes with the help of IoT can keep the operations run smoothly and on time. According to a report from Global Market Insights, IoT in manufacturing alone is forecasted to exceed revenue upto $150 billion by 2024. This can also reduce human intervention and make operations and detection of errors less error prone.
Innovation in ERP is the Way to Move Forward
There are many solutions in the market that are offering affordable ERP implementation like Bassam Infotech, which is evolving the way businesses integrate their operations with data and technology. This makes this tool available to various sizes and types of businesses to streamline their processes. While ERP has streamlined business operations across departments, it is the implementation of innovative technologies that is helping businesses realize the full potential of ERP.