Every ERP software comes with some additional features like the first generation cloud ERP was more concentrated on the adoption speed. While the new generation of it is known as the intelligent one offering high technology.
An intelligent cloud ERP is a software that utilizes Machine Learning and Advanced Analytics to monitor, learn, analyze, report, and organize major business processes. The system offers a plethora of opportunities to businesses and allows them to compete in today’s challenging environment through process automation, resource optimization and data support.
The ERP software also lets businesses make advanced back-end systems reliably to adapt to changes in the economy, technology, and customer requirements. Such modernization is achieved with iERP’s high-speed data processing powers. Companies can easily build extensions to iERP to pace up the business operations like invoice-to-cash, customer billing, and more. The ERP software also strengthens businesses to complement their functions with other technologies including RPA (Robotic Process Automation), IoT(Internet of Things), and more.
The Introduction to iERP (Intelligent ERP)
ERP is the acronym for enterprise resource planning system. It is an advanced tool that integrates all business operations including HR, supply chain, marketing, sales, finance, production, and more through a single interface.
The concept of the ERP software was introduced long back in the 1960s and later after three decades, the system was accurately defined in the market. Prior to this, the product-based businesses would make use of IC systems to track the availability of finished products as per the monthly/quarterly requirements.
In the 1970s, the Materials Requirements Planning software (MRP) was launched and after a decade its advanced version, MRP II came up. Such continuous development in the technologies paved the way to the establishment of ERP software in the market in late 1990s.
Likely, over the years, high-tech features and functionalities like integration with other systems, mobile access were embedded and now recently more focus can be found on Machine Learning and Artificial Intelligence. And this is how iERP software has come into the picture. Today, a lot of companies have been deploying iERP at their places and are being transformed into ‘intelligent’ organizations.
Major Advantages of an Intelligent ERP Software
The experts in the industry believe that iERP will bring the next transformative wave in the business applications field. Let us look at some of the major benefits of an iERP-
Improved Business Functions
With the expertise to learn things from data available while also getting habitual to business nature, the system allows users to fetch the latest insights on business data, gain accurate predictions, generate the recommendations for next stages, activate process automation, and much more. Also, users can track information seamlessly while setting up defined targets for business transactions and processes with this ERP software. After setting the targets, the data obtained can be useful to make any changes quickly.
Product Quality Improvement
Once the intelligent ERP software is deployed successfully, the manufacturers can enhance their products as well as materials ten times. With the help of iERP, manufacturing companies can develop open communication with their employees which will apparently improve product development. The best part of this system is that it gives automatic suggestions for improvisation and the manufacturing sector can definitely make the best use of this software. Companies can make relatable adjustments to their inventory and products and also track other operations in the manufacturing processes.
Better User Experience
One of the biggest advantages of intelligent ERP software is that it can affect the user experience of the business system while motivating employees to take their tasks to the next level. Some traditional ERP systems needed manual interference to fetch data to complete the tasks. This would require long discussions about it before putting the task into execution. However, in the case of an intelligent ERP software, these systems can effectively fetch and execute all time-consuming tasks while enabling users to accomplish their operations smoothly.
No doubt, where the word intelligent comes in, we consider ‘Machine Learning’ and advanced analytics to track, study, report, manage, predict, and track business functions along with company resources effectively. The technology is highly adaptive and assistive and helps in fetching key data and streamlining business functions. The technology in intelligent ERP software also helps in forming forecasting analytics as well as predictive solutions which can be further used to reconfigure and modify business development.
Intelligent Data Processing
ERP software delivers a smart solution for enhancing the productivity and efficiency of business functions but it doesn’t provide the capacity for effortless functioning & intelligent reporting of stored data at a lightning speed like iERP. The software helps to get in real-time data from various departments while also coming down to the right conclusions for precise and effective planning. It develops extensive reports without any involvement or reduced interference from humans.
The intelligent ERP software can easily work with massive amounts of data and helps businesses to perform data analytics to get real-time as well as accurate insights. A traditional ERP software can develop in-detailed reports by analyzing past data. But an intelligent ERP takes this thing much ahead and helps perform predictive analytics to enhance decision-making ability. It enhances business flexibility while assisting businesses to solve problems as per the insights.
The main motto of forecasting is to offer a better benchmark to monitor business performance while also reducing uncertainties. As discussed above, machine learning & AI are the topmost technologies that are being used to enhance the accuracy of forecasts. An intelligent ERP software helps businesses in analyzing business demands along with the cash flow and other core operations while also showcasing the gap between the actual and predicted requirements.
The ERP software also helps in analysing huge data sets and reading past patterns more appropriately. These features help in increasing the forecasting accuracy while also minimising the risk of loss or wastage occurring from overproduction and underproduction.
Everyone knows and believes that manual data entry can cause heavy workloads for team members which is why it costs more and is termed as high time consumption activity. Apart from this, manual data entry can develop extra expenses from reworking on data due to errors made in data feeding. Companies can create automated workflows and also save a considerable amount of time by eradicating the need for human interference in uploading data through automation with this ERP software.
The Future of Business in the Intelligent ERP Era
The full progress and impact of iERP is yet to be finalized from the user and vendor perspective. A recent study indicated that most ERP solutions were built before the digital era boomed. However, the vendors that did not show any adaptation continued to face a growing threat from new competitive vendors. This also increases the risk of becoming obsolete and being replaced by innovative solutions. And this scenario is already happening in the industry.
While studying the future of iERP, experts concluded that businesses have already taken leaps forward towards intelligent ERP software. Undoubtedly in the coming time, this ERP software is predicted to become the backbone of the business network which would expect to connect logistic systems, smart machines, sensors, device
es, as well as, machines to collaborate with each other easily.
The intelligent ERP software has a constantly developing nature and has huge potential to bring transformation to businesses. Hence, businesses are highly advised to deploy it at their workplaces and reap the benefits of automation as well as smarter operations. Consult an expert before you choose any ERP software!
Deepali Daiya is a communication expert who excels in understanding customer needs. She writes powerful sales scripts and articles with very high conversion rates. Currently, she is associated with Sage Software Solutions, a leading distributor of high-quality ERP system and CRM systems to small and mid-sized businesses in India.