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by Janet Talley on 5/12/23 7:00 AM
Everyone is talking about artificial intelligence lately with more and more industries hopping on the AI train. Acumatica has been incorporating Artificial Intelligence (AI) and machine learning into their software for years to make data processing and analysis more efficient. but the latest advances have been more exciting than ever.
Businesses that hesitate to embrace or avoid implementing AI automation may face a significant disadvantage in the coming decade. Artificial intelligence adoption is growing at a steady, rapid rate. AI and machine learning (a subset of AI that utilizes algorithms to mimic human learning) are being utilized in various ways. They are deployed to address customer inquiries (such as chatbots), carry out manual tasks, detect financial threats in institutions, and numerous other applications.
Modern Accounting and ERP Software
Any modern ERP software is incorporating AI and machine learning within the core offerings. Accounting and an ERP system has always been used complied data to make basic predictions using reporting tools. AI uses this data to provide real-time recommendations based on multiple sources of data. Machines can quickly see patterns and anomalies over a large volume of data. Gartner says that CIOs seeking to transform their organizations digitally must include AI within their postmodern ERP strategies. Here are some ways that Acumatica incorporates AI.
Data Analysis with AI
AI can also provide advanced analytics. AI can work with massive amounts of data compiled from all different sources, enabling real-time accurate data insights, making predictions, and suggesting the next steps. Imagine getting specific data from your ERP without constructing complex queries. AI coupled with voice recognition can be used to ask questions such as, “What was the company’s revenue in Q3?” or “How much product did this branch sell last year?”
Forecasting
AI can be used for forecasting by processing historical data and making predictions for the future. Reducing the cost and manual efforts of forecasting and provides more accuracy. AI can even analyze trends and seasonality. Some ways we have seen this implemented is the scanning or photographing vendor bills and expense receipts. When scanned, the system automatically reads vendor names, amounts and even items that are stored in the system.
Automate Payables/Receivables
AI for financial management might include automatic quarterly and monthly processes where reports are verified for accuracy, and ledgers and sub-ledgers are compared for inconsistencies. AI systems can read invoices, automate the approval workflow, and streamline the payment process. For financial reporting, AI is being used to gather data from multiple sources, consolidate the information, and aid in reconciliation.
User Interaction
Machine learning lends itself to smart searching, with systems having ongoing learning based on the user’s interaction. If a user asks a question, the system analyzes whether their question was answered, or if they continued their search. It looks at user trends to provide better answers to searches in the future.
Voice Recognition and Virtual Assistant
Apple’s Siri, Amazon's Alexa, and Google Voice are all examples of virtual assistants. Using natural language input and voice recognition, these assistants can provide us with information such as departmental expenses and perform tasks such as approving bills for payment. AI includes the process of learning, reasoning, and self-correction without human intervention.
It is crucial for businesses to recognize the transformative power of AI and proactively embrace it to stay competitive in a rapidly evolving landscape. By harnessing the potential of AI and machine learning, businesses can unlock new possibilities, improve customer experiences, and drive innovation, ultimately securing a strong position in the future of work. The time to embrace AI is now, and businesses that do so will position themselves at the forefront of the technological revolution.