Many businesses rely on their Enterprise Resource Planning (ERP) systems to carry out a number of functions like analyzing company data in real time and linking front and back office operations. And it's fair to say that ERP has changed the way that companies operate for the better. But now it's set to operate on a whole new level with the emergence of intelligent ERP technology.
Selling is what business is all about, but it can be a lengthy process from start to finish. Intelligent ERP solutions can reduce the sales cycle time by using applications that analyze sets of data for products, sales and markets instantly. What's more, machine learning and advanced analytics have the ability to learn from data sets and apply the information to new situations. This will enable managers to make better decisions in a shorter time frame.
Wouldn't most people like to have a personal assistant? Well, this newer i-ERP solution does just that. It gives users a virtual personal assistant, a bit like Alexa or Siri, which can both assist and collaborate with the user to achieve a shared goal. Intelligent ERP can give employees more support as it processes and responds to spoken language.
Traditional ERP systems can handle many operations, counting invoice processing. But intelligent ERP takes this a few steps further by being able to pay for something with a discount factor. It will also recognize your cash-flow status and predict when you can pay for something.
Another feature of i-ERP is its ability to tell you things about a shipment that older systems wouldn't be able to, like weather conditions and traffic issues. If you're directly involved with shipping products, regular updates can really make a difference. These add-on features can improve decision making and increase efficiency.
As business processes become more automated, firms will need fewer workers to carry out certain tasks. They will then have the option of either finding a more technical position for them within the company or letting them go. There's no doubt that the landscape is changing, so it's imperative that people adapt and evolve their skills as businesses look for ways to reduce costs and increase productivity.
Intelligent ERP technology comes with better purchasing, financing and cash management opportunities. The potential savings for buyers, suppliers and banks are massive." A system like this would be especially useful to manufacturing companies that regularly purchase large quantities of goods.
For a company to perform optimally, it has to have the right infrastructure in place, and these days that means having a solution-based IT system that can perform complex business tasks in real time. The digital age is here and the technological capabilities are advancing, so most companies are going to try to keep up with these solutions because they want to be able to compete with competitors and hold onto their customers.