Power of B-A-I for next-generation ERP solutions

Introduction

The field of Information Technology is changing the world at a very fast pace and businesses are struggling to match this pace across domains. Enterprise Resource Planning (ERP) is no exception.

We observe that the traditional ERP era is over, and new age ERP systems are dramatically influencing how business is conducted. These next-generation ERP systems are composed of various transformational technology since a standalone ERP package has become obsolete.

The blockchain, artificial intelligence (AI) and Internet of Things (IoT) represent an exceptional opportunity for the business. In the fast-changing business environment, businesses today need something which can streamline and enhance the existing process, create new models for business and develop more innovative solutions to help them to build the business of tomorrow.

What is B-A-I?

Blockchain, Artificial Intelligence, and Internet of Things are emerging as the foundations of the new age ERP ecosystem. An analogy that is commonly drawn is between human cognition and B-A-I.

Blockchain: is said to remember the transactions conducted throughout the ecosystem

Artificial Intelligence (AI): is said to discover patterns among the data and make it workable

Internet of Things (IoT): is said to sense and capture information through various modalities and converts it to valuable data

To understand B-A-I, it helps to think of them as an interconnected ecosystem of transformational technology. While IoT senses using several connected devices around the world and transforming into the world of data, AI does the reasoning. It thinks by analyzing the data and making decisions. IoT, therefore, could serve as the data source for AI enabled ERP solutions. Finally, blockchain creates a secure record of transactions and data exchange.

Here’s an Example:

•   Blockchain has enabled organizations to become boundary-less. For instance, in the manufacturing industry, blockchain provides a complete source for each individual component of a product, accessible to all stakeholders involved within the supply chain
•     Artificial Intelligence (AI) that can manage a large amount of data, detects a pattern, and use the information to deliver business outcomes. Microsoft Dynamics ERP, for instance, uses Cortana Intelligence for providing quick and accurate business insights, for making intelligent predictions about sales, inventory management and delivery time
•       Sensors and drones are also a common sight in large manufacturing plants where they serve as management tools. They can read various RFID tags and send real-time data to the ERP systems where reports on everything right from inventory stocks to maintenance schedules can be generated with the help of AI tools. IoT helps extract new data, improve existing processes, bring innovative products and solutions to the market and gather new consumer trends and preferences

Power of B-A-I:

• Centralized business processes become accessible across multiple organizations
• Act as abundant Data Source
• Automates routine processes
• Digitization of business processes involved in the transfer of goods, services, and other assets
• Offers deeper insights into your business data
• Improve user experience through interaction

Conclusion

It is clear ERP is all set to change. The existing systems will need to modify themselves and adapt to this fast-changing world and stay relevant for businesses. B-A-I has the potential to drastically transform business models and processes and together these technologies have the capability to revolutionize any line of business for tomorrow😃

Thanks!
Jaymesh Shah