Posted on April 3, 2023 | All
Predictive analytics in ERP ecosystem: A study into utility
With the latest trends suggesting that there’s a need for AI at every point that data flows through, it’s elementary to understand how AI can transform business and operability. Probability and predictability are all about the chances of success of actions meeting the most-likely results.
In this case study, we go over why predictive analytics is the future of business operations and how CI’s product RubiCube fits business needs.
Why do we need to go beyond off-the-shelf functionality?
CRMs and ERPs are a norm across scaling businesses, from micro to macro. From an integrated suite of software applications to a set of databases, ERPs give a view of what’s happening within operations and business departments.
- The idea behind a primary software implementation is to get everything into computers that can show the numbers and provide decision-makers with a digital view of operations.
- Empower the present with a predictive view of the future so that the business direction is not limited to descriptive statistics on where it stands but can map the future to where its headed.
Understanding predictive analytics- Why now? Why AI?
AI constantly learns from data patterns within the company and can compare them to industry patterns from the market. The business data considers and displays what’s happening within the organization but when the scope is extended towards what the market wants, the decision-makers get closer to where they want the organization to be.
- Draw insights into what is happening and why there’s a gap, and understand what changes can get the profits instead of taking decisions in retrospect.
- In a hyper-competitive market, integrate a vital metric that considers the market’s direction to help make crucial decisions.
Using AI to make the descriptive data work
In the short to medium term, the company’s growth direction depends on the actions taken today. A tech-first solution like RubiCube can underline the future trajectory of the business. The following are the use cases for a predictive tool that allows taking actions that matter:
Predictive analytics for MSMEs
Building a business from scratch starts at the idea and the smallest action in starting operations, a micro-enterprise. At this stage, there’s a need to make decisions over just maintaining something there is. With the help of PA(predictive analytics), businesses can:
- Analyze self-generated data in real-time dashboards.
- Evaluate and organize frequent business evaluations.
- Monitor risk and business association comprehensively.
Data analytics and business intelligence: Transform ERP powerhouses
When a functional ERP can generate data on what’s happening, it reports it in numbers. AI powers the journey from numbers and data to visualizations and dashboards. With the help of PA, statistical data can:
- Assess performance to become business decisions.
- Analyze data to turn it into actionable steps to execute.
- Summarize, systemize and organize data for who uses them.
Streamlining financial management processes
Money matters matter the most. Empower the business strategy and financial planning with AI that does the heavy lifting. With the help of predictive analytics, the in-house finance team can:
- Forecast the revenue and cash flow
- Make better predictions on payments
- Manage credit risks associated with specific deals.
How predictive analytics software helps decision-makers?
Viewing how businesses perform and the future direction can have different implications for decision-makers in different positions. Predictive analytics is not the magic pill that solves all the problems in business strategies but it can become a contributor to each decision in the following ways:
- For the CEO: Understand the efficiency of several departments and the expected results for an upcoming duration—an in-depth analysis of the ceiling, sales and demand generated.
- For the CTO: Keep up with the latest tech that makes a difference for the company. Update the tech stack to cutting-edge innovations that can provide value to operations and other departments.
- For the CFO: Learn the financial aspects and health of a company and the way it contributes to its growth curve. Get an in-depth view of the cost quadrant and analyze areas of improvement.
Implementing RubiCube in a Sage solution
The supply chain industry works around multiple variables functioning simultaneously with seamless integration. But what happens when the business powers it with AI? While the science isn’t new, neither is the field, latest advancements have led large datasets to be analyzed and statistical models to be built on historical data to formulate future trends.
With the power of AI in the form of predictive analytics, businesses can:
Forecast future demand
The hardest metric to understand without AI is product-oriented demand. Improve predictability in forecasting rates with trained data systems. Analyze past and current trends with market intel and industry-level economic forecasts.
Manage supply inventory
Optimal inventory management comes from a supply chain that satisfies demand while minimizing stock. With a detailed view of demand across locations and usage, stock inventory optimally instead of losing out on potential demand or overstocking.
Plan and coordinate logistics
Transportation and shipment costs can significantly affect a product’s price. With a data-driven strategy, businesses can avoid downtime and account for optimal shipping frequency that saves money from spending in spaces without RoI.
Detect the outliers
When AI can predict the path the business should expect it can also immediately raise a flag when there’s a sale or a lack of it when it’s least likely to happen. This can help the organization identify fraud or check for sensor failures at the earliest.
CI Global: Empowering business leaders the AI way
RubiCube is the direct result of understanding the market gap and building a solution that solves it. With ERP expertise and the contextual knowledge of working across industries for over 25 years, we understood the value of providing a view into the future of business functionality.
RubiCube doesn’t just predict business stories but also supports them in a way that the decision-makers would understand. Through more than 25 pre-built dashboards that support more than 5 languages, we built RubiCube as a solution that can analytically boost operational efficiency by 30%. With RubiCube, we’ve automated reporting to where the decision makers are for transparency that matters instead of having them open the ERP and check for the status.
Want to know more about how we can transform your future? Reach out to us.