2024 should continue to produce results in the convergence of Enterprise Resource Planning (ERP) applications with advancements in Artificial Intelligence (AI). Powered by Microsoft and other leaders, here are some key movements to watch out for this year and beyond:
ERP:
AI Infusion: AI will become even more deeply embedded in ERP, driving:
Projectable analytics: Anticipating customer needs, market changes, and resource demands.
Smart automation: Streamlining processes and automating workflows and competitive tasks.
Data insights: Analyzing company data to make better decisions to drive the business.
Continued Cloud Focus: Continued shift towards all cloud-based applications driven by:
Scalability and flexibility: Easy scalability to meet changing needs without heavy infrastructure investment.
Cost-effectiveness: Reduced upfront costs and ongoing maintenance expenses.
Accessibility and collaboration: Real-time data access and collaboration from anywhere.
Mobile Access: Mobile functionality will continue to become critical and accessible enabling:
Real-time data monitoring and task execution.
Increased team communication and collaboration.
Agile decision-making based on readily available data.
Focus on Ease-Of-Use and the User Experience: Applications will continue to be easier to use and become more efficient, improving adoption and making complex data easily digestible. Microsoft Power Platform continues to gain adoption: https://www.microsoft.com/en-us/power-platform
Industry-Specific systems continue to increase time to value: Specialized ERP solutions for sectors like life sciences, manufacturing, and retail will become more prevalent, offering deeper domain expertise and tailored functionalities.
AI:
Generative AI in ERP: Generative AI models will be used to:
Create personalized content (email communications, reports, forms, content, etc.) based on user and customer preferences.
Generate predictive reports, automate data analysis and push to the user at the “right time”.
Assist with customer service, providing chatbot support and tailored recommendations with easy to configure applications.
Examples of where Microsoft is today: https://www.microsoft.com/en-us/microsoft-365/enterprise/copilot-for-microsoft-365
Pressure for AI to be Ethical and Monitored: Emphasis will be placed on:
Ethical considerations, ensuring AI algorithms are unbiased and transparent.
Data security and privacy, protecting sensitive business information.
Human-AI collaboration, leveraging AI as a tool to augment human intelligence, not replace it.
Synergy between ERP and AI:
The combined strength of leading ERP and AI solutions will drive:
Improved agility and responsiveness to market changes.
Data-driven decision-making for competitive advantage.
Cost savings through operational efficiencies.
Personalized customer experiences and stronger relationships.
Challenges and Opportunities:
Employees will need to keep up with the lightning-fast developments of these technologies through appropriate training and education.
Improved Data integrity and integration capabilities to all platforms remains even more important in today’s AI and ERP climate.
Advancement in easy-to-use integration tools helps bring more data accessible
2024 proves to be an important and exciting year as AI continues it’s quick advancements into the business applications market. Now more than ever is it important to have the systems that provide speed to market and flexibility.
Our team at Woodward Peak is happy to answer any questions of what is available today and how to explore your business benefits. info@woodwardpeak.com
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