Sensors track products at every stop of their life cycle from the shop floor to customer sites. Cloud solutions enable the collection of millions of data points to create the foundation for machine learning. Personal assistants are readily available to simplify and accelerate information retrieval for more informed decision making.
Here are a few examples of how AI is changing ERP:
1. Warehouse management. AI and machine learning can test hundreds of demand forecasting models and possibilities with a new level of precision while automatically adjusting to different variables such as new product introductions, supply chain disruptions or sudden changes in demand. Using AI systems, every single part can be tracked from when it’s first manufactured to when it’s assembled and shipped to an end customer.
Walmart cut taking physical inventory from one month to 24 hours by using sophisticated drones that fly through the warehouse, scan products, and check for misplaced items. Using algorithms that learn from experience to optimize logistics, BMW follows a part from the point it was manufactured to when the vehicle is sold — from all of its 31 assembly facilities located in over 15 countries.
2. Financial management. Bots can automate repetitive accounting functions, including categorizing invoice information into various accounts, and even distinguishing between a monthly phone bill and a payment towards a phone purchase. AI can close operations and automate monthly, quarterly and year-end processes, even comparing account balances between various independent systems and verifying statements and reports for accuracy. Using machine learning, bots can even learn from different human input to make better judgments and adapt to the behavior patterns of different accounting professionals.
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