Artificial Intelligence in resource planning, a growing trend in retail
It is well known in the retail industry that an Enterprise Resource Planning (ERP) software is, by far, one of the best investments a business can make. Specially if it’s supplemented by AI . Each year, more and more companies are being buoyed up by this, generating results in a faster and visible way. We are talking about improving performance, customer service, and working capital, which inevitably leads to company growth. Are you thinking on taking your company to the next level? Keep reading, everything you need to know is in the numbers.
It is proven that 95% of companies make a significant upgrade in their projects thanks to ERP implementation (2019 ERP Report, Panorama Consulting Group), being more successful when they focus on integrating people, processes and technology. And this is not going away any time soon, it’s a global trend that’s becoming more and more established in the industry. This is demonstrated by the $47 billion projected growth of the ERP software market, at least, until 2022 (ERP Software Market 2018 Global Trends).
Retailers can also think big
It is important to highlight that this is not something only big companies are and should be paying attention to. It’s a fact that retail companies should also take into account. According to experts, 96% of growing businesses who excel in their respective industries have relied at some point on an ERP system; also, thanks to ERP, small businesses have reduced 36% of their time while decision making (Aberdeen Research Group).
Within this scenario, Small Business Expo’s ‘Bi-Annual Trends Report’ indicates that the projected quantity of companies which are planning to add technology to their activities is going up. Specially in AI (21,9%), chatbots (24,6%), and VR (22,3%). The numbers clearly show the new direction the industry is taking. Furthermore, 58% of companies are deciding –or have already done so- on integrating AI to their ERP systems. Meanwhile, more than 70% of them believe that AI is a clear business advantage for the future (PWC IA Predictions, 2018).
On the other hand, J.P. Morgan says that in 2020 small and medium companies are going to invest in: cloud computing (73%), data gathering for targeted marketing (50%), Application Programming Interfaces (46%), logistics automation (37%), AI (19%), among others (J.P. Morgan 2020 Business Leader Outlook).
RetailApp, your must have performance management tool for your business
How great is it then, to have a simple, intuitive and efficient platform that helps your business grow? With more than 40 KPIs and providing a 360-degree perspective of your business in real time, RetailApp is an innovative platform that can help you take a big step towards improving customer shopping experience, advising on logistics, infrastructure, communications, decision making, AI, Business Intelligence and many more. In a nutshell, a simple tool that can help you think big and plan your way to success.
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