By– Anand Mahurkar, CEO and Founder, Findability Sciences
In today’s age, the market is highly competitive and rapidly changing. Businesses are trying every way to gain a competitive advantage in their industries. Businesses are trying to exploit the data and analytics to gain some advantage. The primary set of data sources in this regard are the transaction recording systems like Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Resources Management System (HRMS), etc. Businesses across the globe utilize these transactional data sources to understand the insights of business in terms of “What happened”, with an objective of achieving business growth with increased organizational efficiency. However, what remains unexplored to many businesses is the potential of the ‘parked data’ in these ERP-like systems when it comes to finding answers to “What will happen”.
AI is the Answer
The answer to “What will happen” lies with technologies such as Artificial intelligence (AI). AI is now reported as the most impactful new technology among CEOs for the third year in a row, as per a recent Gartner survey.
The possibilities with AI are infinite. As the business leaders take on the paradigm, AI is the key to unlocking the forward-looking indicators from the data. AI can be implemented in traditional systems and used to AI-fy the processes that have long existed.
Barriers to AI Adoption
Gartner’s CIO Agenda survey has identified barriers for AI adoption under three groups as Enterprise Maturity, Fear of Unknown, and Finding a starting point. The challenges like shortage of required skills, finding use cases, data availability and quality, long solution development cycles impede the AI adoption initiatives.
Business Analysis teams have struggled over decades to extract, transform, and load data from ERPs like systems and then use it in AI/ML applications after widening it with external data, which is time consuming, expensive, and often not real time analytics.
AI Microproduct is the way (hyperlink to – ERP-MAX LP)
A use case based AI microproduct which sits on top of ERP like systems and seamlessly connecting with it to collet required data, unify it with relevant external data to widen the information domain will have the data pipeline ready as the structure of the required information and the underlying schema of the ERP product can be of a standardized nature.