Modern businesses are extremely reliant on their technology to the extent that they find themselves facing increasingly enormous data sets. In most organizations, that data is easily their most valuable commodity. Yet, it’s the ability to make sense of all this data that enables an organization to leverage technology to its fullest potential and remain at the forefront of innovation.
Enterprise resource planning (ERP) refers to the integrated management of core business processes ranging from purchase orders to payrolls to stock keeping. To that end, it’s the glue that keeps your business technology together by integrating every facet of an operation into a single database. The challenge, however, lies in managing this database to get the best use out of the information held within.
How Machine Learning Works with ERP Solutions
Modern ERP are already vastly more advanced than they were just a few years ago, but machine learning promises to be the next major step in their evolution. In fact, studies show that the global market for artificial intelligence will surpass $15 billion next year. That’s because machine learning addresses a wide range of limitations of traditional business software:
- Manually entering data increases the chances of human error
- Related information often doesn’t get updated
- Collating data from different resources can become a monumental task
- Navigating increasingly large data sets manually becomes impractical
Machine learning is all about automating processes and providing insights that would take an eternity to uncover using manual methods alone. Consider, for example, how Google, a pioneer of machine learning, manages to deliver accurate and relevant search results from a database consisting of millions of terabytes of information.
Continuous Improvement through Insights and Analytics
ERP databases contain records of all past sales and other customer interactions, such as support requests, product returns and just about everything else you could think of. To provide a better level of service, optimize your inventory, and accurately forecast future sales, machine learning brings all this data together to provide in-depth analytics and insights in the form of user-friendly visual reports.
Armed with a highly accurate predictive analysis of future sales, your business will be better positioned to improve its level of service and consequently increase its profits. This is because machine learning gives businesses the opportunity to garner insights based on core goals. For example, it can help you identify different purchase patterns that manual methods alone would simply be unable to detect.
Machine learning is, by definition, a process of continuous improvement that gets better the more you use it. It learns from your business’s increasingly large data sets to give you more accurate insights into your sales process and workflows as time goes on. The result is less time wasted manually rifling through vast numbers of documents as well as the elimination of potentially costly human error.
The role of machine learning in ERP isn’t just about increasing sales and automating workflows. It’s also about improving efficiency across every stage of the process, from production to stock keeping to sales to aftermarket support. Machine learning helps you get more out of your production capacity while also giving insights into product quality and customer satisfaction.
Do More with Data
Ultimately, integrating machine learning capabilities with your ERP solution is about using your data to its fullest potential. It provides insights and tackles problems in a way that simply wasn’t possible before by allowing you to analyze both structured and unstructured data in a visual and actionable way. With this in mind, there’s no doubt that machine learning is already becoming an essential tool for business.
Organizations that have yet to implement a modern ERP system, complete with machine-learning capabilities, are missing out. That’s why WhiteOwl is here to help you get more out of technology and stay one step ahead of the competition. Call us today if you’re ready to innovate.