16 Sep 2020
ERP software or Enterprise Resource Planning system is a prevailing buzzword for enterprises recently, and the terms of “combining innovative technologies’ in this software is no longer a novel one. Besides integrating IoT with ERP systems, more Singaporean companies are also currently applying AI (Artificial Intelligence) to their software in order to power up automation processes and data analysis.
The future of AI in the Singapore market seems to be promising. In a survey conducted by the International Data Corporation (IDC) on AI adoption (2018), Singapore was recognised in third place for organizational AI adoption with 9.9%. Since these two technologies go hand in hand in boosting business operational productivity, it is better for enterprises to have a profound understanding of the benefits of an AI-enabled ERP solution.
AI in ERP Software
1. Forecasting
As we all understand, ERP software integrates all data from different departments within a company into one single database in real-time. This means the business processes are streamlined and the data is always ready for mining. At this point, incorporating AI would definitely elevate the optimized efficiency.
AI utilizes gathered information to analyze the companies and spot upcoming business trends that would take data scientists several weeks to create. Based on the predicted trends, enterprises can make a prediction and establish their own plan for their next moves.
In addition to that, AI can also read the customer purchases’ history from the giant database in the ERP system and learns from the previous behavioral patterns. It then informs companies of vital essential insights about customer behaviors, enabling top managers to understand which items or missing value in their products that customers are expecting to receive. Once they know the answers, companies will be able to offer extensively added value to meet their main targets’ demands and increase revenue.
2. Time-saving Automation
In this era of digitalisation, it is no doubt that enterprises all prioritize automation when it comes to adopting new technological innovation.
For companies that already embrace ERP software, manual tasks are almost proceeded by the software. This means there are still some tedious activities left. With AI, even these repetitive tasks which are still required by the ERP system can now be done automatically.
Let us take the scheduling task as an example. Scheduling is considered a task that takes managers hours to complete. With the ERP system in place, it is already easier as supervisors can monitor and update in real-time their staffs’ working shifts in the system dashboard, however, the problem arises significantly when an employee (or two) is off sick. Managers will have to check through all dashboards from projects, compare and rearrange the schedule by themselves to find suitable staff for replacement. Having AI in this case, supervisors can promptly receive suggestions related to resource scheduling, allowing them to quickly select their alternative staff.
3. Financial Analytics
Companies have also adopted their ERP solutions with the aim of efficiently analyzing financial data. By incorporating AI into the ERP software, companies can easily look over their financial figures such as wage adjustment, compensation distribution, and all other finance-related things, pick up discrepancies, and spot fraud if there is any.
Back in November 2018, the principles to promote fairness, ethics, accountability, and transparency (FEAT) for AI use in the financial sector have been issued by the Monetary Authority of Singapore (MAS). The finance sector since then has had an effective tool to analyze its internal financial status and predict the future perspective as well.
The stronger the financial stream, the better the company. That is why adopting AI-driven ERP software is a smart move as human-error can be dramatically eliminated, allowing enterprises to avoid unexpected massive financial loss.
The Future of AI-driven ERP System
ERP system has traditionally held the responsibility to generate reports, provide real-time information via dashboards and enhance general productivity. However, companies these days are not only eager for up-to-the-minute data, but also the upcoming trends in order to gain competitive business benefits and a step ahead of competitors. Thus the need of integrating AI in the ERP software is inevitable.
To leverage the advantages of this technology, companies should go with modern ERP softwares that can be hosted on-premise and cloud platforms. A web-based ERP system from Synergix will help companies meet this demand.
Also, as Synergix Technologies is a pre-approved vendor for the PSG grant, enterprises purchasing our ERP software will become eligible to receive financial funding of up to 80% initial investment. Should you wish to explore more on our system, do not hesitate to contact us for a free consultation.
