The Difference Between AI and Machine Learning
Artificial Intelligence (AI) and Machine Learning (ML) are sometimes used interchangeably, especially in marketing. However, they’re distinct.
AI is the broad realm of creating machines that can mimic human intelligence, while ML is a subset of AI, focusing on algorithms that let computers learn from data. So, while all ML is AI, not all AI is ML.
It’s important to discern these nuances despite the overlapping usage by some.
The State of ERP with AI in 2024
As we look around moving into 2024, we see certain patterns emerging in the world of ERP. Here’s what’s catching our eye and how companies are adapting.
More Businesses are Using AI Assistants and Bots
From our vantage point, we’ve noticed that vendors are increasingly integrating AI assistants and bots into their ERP software. This isn’t just a fleeting trend – it seems to be a shift towards more automated and efficient workflows.
Cloud Systems Make AI More Accessible
We’ve seen that Cloud ERP systems are not just about data management anymore. They’re paving the way for broader access to AI capabilities. By harnessing the power of the cloud, businesses of all sizes can tap into advanced AI tools without needing hefty investments.
A Need for More AI Experts
One challenge we’ve noticed is that there aren’t enough people trained in AI. As more businesses want AI, the hunt for experts is heating up. The skills businesses need keep changing, so there’s always something new to learn.
Not All ERP Vendors Are Up to Speed
While many ERP vendors are racing ahead with new AI features, some are lagging. They’re trying to add the latest tools to stay competitive and meet the demands of their customers.
Some ERP vendors will probably resort to strategic acquisitions to accelerate the process of integrating AI features into their ERP solution. This is exemplified by IFS’s acquisition of Falkonry, a company that develops an AI-based time-series data analytics tool.
AI Adoption in Manufacturing ERP
Manufacturers are now reaping the benefits of integrating AI technology into their ERP and manufacturing software. AI-powered features such as real-time monitoring and predictive maintenance have been increasing. With AI-enabled ERP systems, computer vision can be utilized for automated quality control and inspection. Intelligent order promising based on constraints and production schedules can also be implemented.