AI Powered ERP solution utilise the latest technology of artificial intelligence like machine learning and deep learning to bring ERP data together, and perform complex calculations and relations to result of meaningful business information to support intelligent decisions.
AI Powered ERP and Decision-Making
Business decisions are hard to make without accurate inputs, it may become even harder after adding the different business aspects and considerations because the decision may affect other business factors.
Bringing AI to the picture, driven by your ERP historical data, and the power of machine learning will make your decision more intelligent and will take all factors of business in consideration.
You may have applied some business intelligence and analytics software, which will give insights about your business including ERP modules data analysis with a fair relational model between the available data, meanwhile the AI will give you more powerful insights driven by machine learning like prediction and complex analytics which is not provided by business intelligence and data analysis.
AI driven decisions is a powerful business tool to support business decision makers to make intelligent decisions taking all business factors in consideration and avoid any future consequences of their decisions.
Difference between AI and BI
AI, put simply, is a way to make a computer system think intelligently like humans. It learns from experiences, and several problem-solving measures and mimics human intuitions and judgment, post-training, and iterative experiments.
BI is a technology used to gather, store, access, and analyse data to help business users in making better decisions. BI turns data into meaningful insights – in the form of reports and dashboards – and enables organizations to make better data-driven decisions. It helps capitalize and maximize available historical data.
The Differences Between AI and BI
| Business Intelligence | Artificial Intelligence | |
| What is it? | Traditional analytics that make analysing data easier but leaves decision-making in the hand of humans | Advanced analytics that enables computers to make critical business decisions themselves |
| Goal | To streamline the process of collecting and analysing data and provide businesses with useful information and analysis to aid decision-making | To mimic human intelligence, behaviour, and thought process and help businesses to make rational decisions |
| Why and when is it used? | Develops insights based on data already gathered; it is used to answer what has happened in the past | Analyses large quantities of big data; it is used to answer what will happen in the future |
| How does it work? | It works on the principles of statistical analysis | It uses sophisticated machine learning and deep learning algorithms |
| How does it help businesses? | It analyses past data and enables businesses to make better data-driven decisions to improve business processes, customer service, and employee satisfaction | It creates human-like intelligence in machines and enables businesses to forecast and predict customer demand, competitor standing, and market changes |
| Hierarchy | BI comes first in the hierarchy of analytics | AI comes after BI in the hierarchy of analytics |
| Application | Majorly used in reporting, data mining, data warehousing, and highlights key matrices and visuals out of historic data in the form of modern, intuitive dashboards | Majorly used for predictive analytics, gaming, forecasting, natural language processing, robotics, image recognition, and self-driving cars |
| Goal and final outcome | It starts with gathering and analysing data points from various data sources, and ends with visual reports and dashboards | It starts by training computer systems to think and work like humans, and ends with predictive insights about the future |
| Usefulness | BI is helpful in descriptive analytics | AI is a key player in prescriptive analytics |
How AI and BI Can Work Together?
Although AI and BI have a lot to offer individually, but when used together, they can drive better results. BI and AI combined create a perfect analytical solution in any business situation. Using BI, to analyse historical data; although after adding AI the resulting dashboards can help determine the pattern in data, and predict future outcomes and foresight.
Adding AI to BI analytics, it can suggest what will happen in the future, considering the patterns of historical data. Moreover, analysis done in BI gives a lot of resources for AI; by integrating and utilising those insights, ERP can build predictive machine learning models and gain quick and more accurate results.
AI powered ERP solution can dive deeper into complex problems, and find critical insights in previously stored data, and make businesses understand what these insights mean and how they should act on them. When AI and BI used together, they can automatically review past periods’ data and provide alerts on current period situation. AI powered ERP solution can free up a lot of employees time to be utilised in other useful tasks.
What iX ERP (AI Powered ERP) Offers
iX ERP the best of bread AI Powered ERP Solution that combine AI and BI in one place by providing comprehensive dashboard that contain current data analysis using BI and future predictions using AI. Combining both insights together on the same timeline will enhance business decisions tremendously by considering the future prediction along with the current situation.