Modern businesses looking to streamline workflows and solve business problems, search for innovative and out-of-the-box solutions.
As a result, every company, whether small or big, relies heavily on well-developed and purpose-driven computer software called enterprise software. Having different enterprise software in your arsenal prepares you to boost workplace innovation and get positive growth results.
In this article, we discuss how enterprise software can be a boon for every organization that uses it.
How can enterprise software boost your innovation and results?
Here are a few ways in which enterprise software boosts your innovation and results:
1. Optical character recognition (OCR) technology uses AI to drive innovation
Before the invention of OCR, converting physical text to digital was a nightmare because a data-entry professional would manually punch in entries. With OCR, the conversions started happening quickly and provided greater fidelity to the original content.
Today, with every sector embracing artificial intelligence (AI) and machine learning (ML) technologies, OCR combines AI and ML to convert physical text to digital files accurately. It also cross-check errors that might occur during the conversion.
Now, the question is how AI in OCR helps in driving innovation.
As AI interprets handwriting, it opens up opportunities for digitizing a more comprehensive range of documents.
For instance, a common OCR tool ideal for converting print invoices into digital copies might identify an invoice total of $300 when the actual total was $3,000. Before AI, the OCR did not pick up the mistake, and companies depended on human reviews to catch the mistake.
OCR tools that use AI technology automatically calculate the subtotals for services provided and ensure it adds to $3,000.
This comprehensive capability helps a business analyze many documents without using any employees for these tasks.
Reducing administrative work helps in maximizing employee engagement and reducing turnover.
2. Enterprise resource planning (ERP) helps in business process improvement
Since a long-time ERP system has established its dominance in providing software solutions to businesses. Today, ERP systems are the heart and brain of modern-day businesses.
For many businesses, ERP systems are the backbone because the software integrates all business management functions, including order processing, engineering, manufacturing, finance, and planning.
ERP drives innovation and delivers results by giving you a chance to re-evaluate and improve your entire business process.
This evaluation provides a realistic understanding of your existing processes and helps you adopt affordable processes while increasing operational efficiency.
Such evaluations are helpful as it helps you understand which processes might hinder efficiency and hold back potential business improvements.
While every organization is receptive to change, EPR helps understand what aspects of a business are not functioning as expected.
ERP drives innovation because you might be unaware of a broken process unless you evaluate it in-depth.
3. Customer relationship management (CRM) systems help in process automation advances
For a long time, businesses have been using CRM to automate basic workflows in which the occurrence of certain events triggers an action.
For instance, if a customer’s service request was initially open, and the status changed to closed, the CRM workflow triggers an email informing the customer about the service request closure.
Though this is basic functionality, today CRM innovations are making headways, and one such innovation is the process or task automation.
Task automation provides step-by-step instructions to customer service executives on what actions to perform. During their interaction with a customer, the CRM system guides the executive on what to say to customers.
This automation is a structured approach that determines the steps to perform depending on customer inputs.
Interestingly, task automation identifies process workflows and tasks to perform. It determines the resources or employees required to perform specific tasks.
The ability to distribute and route tasks based on employees’ skills and abilities is a business innovation trending in CRM platforms.
4. Supply chain management (SCM) uses hyper-automation to drive innovation
Today, businesses worldwide focus on the digital revolution to ensure efficient supply chain management. Companies are focusing on new digital transformation initiatives and riding on the success of innovations like hyper-automation.
Hyper-automation is enhancing the automation of business processes by introducing AI, ML, and robotic process automation (RPA). This technology helps address challenges and mitigate inefficiencies in the supply chain.
Using hyper-automation, businesses automate processes that otherwise require some human judgment or action.
In the near future, hyper-automation will probably automate transactional processes, such as complex decision-making and order to cash. What makes hyper-automation a future technology is that it augments human capabilities and helps create an autonomous supply chain.
5. Human resource management (HRM) uses AI to drive innovation
As HR is a quintessential aspect of any company, lack of workplace innovation demotivates employees because they don’t see a visible career path with your business. This often results in high employee turnover, where employees leave a company to seek better growth opportunities.
Apart from automating low-level tasks, AI has the potential to revolutionize employees’ experience. From reducing employee turnover to talent management and recruitment, AI quickly processes massive amounts of data.
In talent acquisition, AI screens applicants, maintain databases, addresses and resolves constant queries, and arrange interviews. This helps reduce the hiring time, allowing HR teams to focus on more important activities like recruitment marketing, personnel management, and sourcing.
Interestingly, AI-assisted recruitment helps select candidates that meet the company’s standards. Typically, companies communicate with potential candidates via chatbots.
These chatbots handle the newly recruited employees and assign responsibilities according to their job profiles.
Using AI in HRM ensures that an organization hires a top performer for a vacant position.
Use enterprise software to boost innovation
As disruptive technologies like Big Data, AI, and the internet of things (IoT) continue to leave their impact on the business environment, enterprise software is rapidly developing and reshaping the entire marketplace.
Enterprise software provides businesses with the competitive edge necessary to ensure success across various business processes.
Whether you’re using CRM, HRM, or OCR technology, enterprise software drives business innovation that positively affects the business’s bottom line.