Most food and beverage companies use their ERP systems as a tool. It makes financial transactions easier, smooths sales order processing, automates production and simplifies shipping and receiving. However, smart companies are doing much more with their business systems, they are using it to gain a competitive advantage.
How is that being done? Forward-thinking companies are leveraging new tools available in today’s ERP suite to extend its reach far beyond the bounds of traditional systems.
New Tools to Use-Machine Learning
One example of the new tools being used is the integration of machine learning into ERP systems. It gives companies the ability to tailor insights in a specific way. A machine learning enabled ERP system allows organizations to deep dive into its processes, customers, and workflows. By embedding machine learning, you not only improve the accuracy of insights over time, but also target them specifically to meet your requirements.
For instance: You find a slight but not insignificant drop in sales from your best customer. Machine learning can give you better insight into your sales processes, and as results are generated, you are better able to pinpoint broken processes that indicate the need for better inventory management. Or, if you are looking at specific sales information, a system with machine learning capabilities can help in identifying patterns of product preference or even dissatisfaction that your ERP can’t uncover by itself.
Predictive Analytics
Every food and beverage company relies on forecasting. The use of machine learning can dig through data to help fine-tune your forecasting by creating highly accurate predictive analytics matched to your time and product specifications.
Example: You can use your existing historical data to accurately predict seasonal sales growth during a particular period. Or, predict when the raw ingredients you depend on will be depleted, helping to avoid delays.
Machine learning can also be integrated into manufacturing processes to predict bottlenecks and maintenance downtimes, improve quality inspections and help improve overall business processes.
Artificial Intelligence
As a partner with SYSPRO software we work with several food and beverage companies. We have seen the use of Artificial Intelligence (A-I) embedded inside SYSPRO take off and our customers are starting to embrace it and leverage it for competitive advantage. Forward-thinking companies are using A-I across the enterprise.
Customer Service and Sales
A-I generated chatbots are being used to address customer service needs, intelligently answering questions and solving problems without human intervention.
A-I systems can predict customer reorder points and proactively reach out to existing customers to inquire about new orders or follow-up with no-decision prospects to spur new business.
Inter-Departmental Communications
A-I can look across an entire business and using predictive analytics and trend analysis can predict future business changes and alert each group to help prepare for surges or drops in orders, allowing executives to prepare.
Financials
An ERP system equipped with A-I can analyze financial data and both find and predict problems in real-time. A-I can look at everything from historical A/R payment histories to inaccurate general ledger entries, cash flow and vendor payments to make accurate financial predictions.
Don’t Get Left Behind
Food and beverage companies operate on slim margins and to stay ahead of the market and create competitive advantage businesses need to leverage the new tools available in today’s ERP systems. If you’re not taking advantage of machine learning and A-I, you’ll find your business losing market share through decreased customer satisfaction, higher manufacturing costs and profit erosion. Leverage all the tools of your business system to keep from falling behind.
Technologies International Inc, is an ERP consultancy based in Chino, California. We work exclusively with manufacturers and distributors to increase profit margins, improve business processes and create stronger companies. We are proud partners of SYSPRO software, an ERP software suite designed for manufacturers and distributors.
To learn more about how we can help your company, call us today at (909)-614-1416 ext 120 and at https://www.tech-intl.com