The impact of artificial intelligence and machine learning on ERP software

What is (AI) and (ML) Anyway?

AI and ML are two related but distinct fields that are revolutionizing many industries and changing the way we interact with technology. AI, or artificial intelligence, refers to the development of computer systems that can perform tasks that would normally require human intelligence. This can include anything from understanding natural language to recognizing patterns in data to making decisions based on incomplete or uncertain information.

There are several approaches to building AI systems, but one of the most popular is machine learning, or ML. ML is a type of AI that involves training computer algorithms to learn from data rather than being explicitly programmed with rules. This allows the system to adapt and improve its performance over time as it is exposed to more data.

There are several types of ML, but two of the most common are supervised learning and unsupervised learning. In supervised learning, the algorithm is trained on a labeled dataset, meaning that each input is associated with a known output. The algorithm learns to generalize from this data to make predictions on new, unseen inputs. In unsupervised learning, the algorithm is trained on an unlabeled dataset, meaning that there are no known outputs. The algorithm must identify patterns and structure in the data on its own.

Other types of ML include reinforcement learning, which involves training an algorithm to take actions in an environment and receive feedback in the form of rewards or penalties, and deep learning, which involves training neural networks with many layers to learn hierarchical representations of data.

AI and ML are being applied in many fields, from healthcare to finance to entertainment. They have the potential to automate repetitive tasks, improve decision-making, and discover insights that would be difficult or impossible for humans to find on their own. 

So what are our plans with AI/ML?

At LucidTrac, we understand the importance of staying ahead of the curve when it comes to technological advancements in ERP software. That's why we're excited to explore the potential impact of AI and ML on our platform and services.
 

One way AI and ML has already improved LucidTrac is by automating repetitive tasks, such as data entry, record-keeping & services automation. By utilizing key AI and ML algorithms, these tasks can be setup to be performed faster, more accurately, and with less human intervention, freeing up time for employees to focus on higher-value tasks. This can improve overall efficiency and productivity, which can have a positive impact on the bottom line.

Another benefit of AI and ML in LucidTrac is some very light predictive analytics. By analyzing server data from various sources, our AI and ML algorithms can identify potential patterns and provide insights into future trends, enabling our customers to make informed decisions and adjust their strategies accordingly. For example, predictive analytics if applied correctly can help businesses forecast demand, identify potential supply chain disruptions before they occur, and optimize inventory management.

Furthermore, AI and ML has improved communication between departments by providing real-time data insights that are easily accessible by all team members with propper access rights. For example, if a sales team member needs to know the status of a customer's order, they can quickly access that information from LucidTrac's enabled interface without having to wait for a response from the logistics or inventory department. This can help teams work together more effectively and avoid communication delays that can slow down operations.

In addition, AI and ML can improve the accuracy of forecasting and inventory management. By predicting demand and identifying potential supply chain disruptions, businesses can reduce waste, lower costs, and improve customer satisfaction. This can also help businesses stay competitive by enabling them to quickly adapt to changing market conditions.