Artificial intelligence (AI) is taking the world by storm. According to research firm Markets and Markets report “Artificial Intelligence Market by Technology,” AI market would be worth USD 16.06 billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022. It is impacting industries and human lives. Similarly, it’s effect on enterprise software too. The world is digitizing and digital transformation technologies are surging. “The more we digitalize, the more our prosperity is secured,” says Wolfgang Wahlster of the German Research Center for Artificial Intelligence (DFKI).
AI tools are impacting enterprise resource planning technology (ERP). Due to powerful capabilities, AI is optimizing system-operating models and transforming processes for enterprises. A scientist with Google Research, who is also the author of an AI research paper called “Concrete Problems in AI Safety,” says, “The authors believe AI technologies are likely to be overwhelmingly beneficial for humanity but we also believe it is worth giving serious thought to potential challenges and risks,” adding: ‘We strongly support work on privacy, security, fairness, economics and policy.”
AI tools revolutionizing ERP software
AI is revolutionizing ERP domain and transforming businesses. Along with the data mining of advanced self-learning enabled AI systems, automation of ERP systems could bring value addition. AI-enabled ERP software could impact an organization’s business function and processes by cutting operating expenses, streamlining tasks and removing human errors.
“AI tools can be customized to learn processes for improved competencies and to enhance effectiveness of business processes. Advanced ERP technology is helping companies discover structured data. AI systems are getting smarter at learning new patterns and quicker at converting data into insights,” said Shashank Dixit, CEO, Deskera.
Workforce expertise as well as skills could be optimized through AI tools and increased effectiveness, with the focus shifting towards non-routine, analytical, logical, as well as creative tasks. AI can allow workers to move away from manual as well as monotonous tasks with ERP software by triggering evolution of semi-intelligent and self-driving business solutions. AI can also be used for ERP software maintenance.
AI-enabled ERPs may employ a digital assistant (DA) to help technicians perform root cause analysis for maintenance problems. The provisions record information of performance, maintenance history, and technical structure. The DA tool can extract and source information from core ERP systems.
AI plays pivotal role in future of ERP software systems
AI tools can mimic functionalities of a human mind, such as behavioral changes and learning and could apply such tactics to unstructured data in the ERP. There are extensive benefits to be drawn out of such a synergy. It will help organizations improve business and serve customers better.