in: Company News
Machine learning (ML) and artificial intelligence (AI) may not seem like they go with an ERP solution, but newer, better ERP systems use similar methods to provide a robust system.
If you’re new to the term “machine learning” and think artificial intelligence sounds like something out of science fiction, don’t worry. Although the terms aren’t new to the business world, they aren’t yet common knowledge.
They should be, though. Both ML and AI can make your work so much easier, especially if they are part of an ERP software solution.
ERP Software Solutions with ML and AI
ERP solutions offer accurate, real-time data. They can synthesize data from across multiple departments such as accounting, finance, operations, warehouse and distribution, marketing and customer service, and much more.
But even the best ERP system can’t tell you when stock levels are running low. They can’t draw conclusions based on historical data.
That’s where AI and ML systems enter the picture. Machine learning systems “learn” from history, and the more data they receive, the better. They can gather routine information on a preset schedule so that you can look at the reports and make decisions about when to re-order goods or when to delay orders.
Artificial intelligence offers help with automation. AI systems take complex processes and review them, identifying future trends based on historical performance.
We like to think we’re impartial, but personal preferences often creep into decision making. Take the example of two salespeople, Joe and Lisa. Joe might brag about his sales performance, but he closed many small deals. Lisa works on larger accounts. She closes fewer sales but ends up bringing in more dollars to the company than Joe’s wheeling and dealing.
Machine-based sales queries don’t listen to bragging, and they don’t care whether Joe closes more sales than Lisa. If your queries look for the highest dollar earner for the company, Lisa’s name will appear at the top of the list. AI-based queries drill down to just the facts you ask them for, which make them perfect for unbiased, fair reporting.
Acumatica ERP Solutions: Best of Both Worlds
Acumatica ERP solutions provide the best of both worlds, ERP and the new world of machine learning and AI. While the average accounting program provides clean data, you must still sort through it to find what you want.
Now imagine artificial intelligence added to an accounting program. Instead of sorting through multiple spreadsheets, database queries provide you with all you need to manage the company’s finances. You can find at a glance the balance from the best customer, assess what’s owed to a supplier, or compare quarterly income.
AI Systems Transform Accounting
What else can AI systems do? They can:
- Read invoices
- Automate workflows
- Set and manage alerts when crucial supplies run low
- Track price changes among suppliers
- Identify the lowest cost supplier, even among shifting prices
- Gather journal entries for audits
- Evaluate transactions for data patterns
- Automate monthly closing
ERP software solutions and machine learning provide you with advance notice of things that need to be done, help manage repetitive tasks, and the ability to track information. It’s like having an expert at your side for many tasks.
ERP is an excellent tool by itself. But paired with AI and machine learning it offers so much more. Learn more about Acumatica ERP and other software for productivity from Mindover. Mindover Software provides ERP and other systems for manufacturing, warehouse management, and more. Please contact us today for more information or call 512-990-3994.