In a new article, Mykhailo Kushnir, CTO and co-founder of UGLA, explains the features of AI technologies in ERP systems. Below is an excerpt, and the full version in Ukrainian can be found at this link.

Forecasting is a much more interesting area that is also based on AI. Forecasting has more complex functionality and usually indicates the quality of a software product. It has specific application features depending on the industry in which the company operates. The advantages of this approach to the use of AI technologies can be clearly seen in the restaurant business and manufacturing, as in both cases, it is crucial to control the number of items, manage stocks, and budget. Forecasting allows for hourly sales analysis with high accuracy, and subsequently, based on the analytics obtained, the company’s revenue and profit are calculated with minimal errors.

If the system has data on raw materials, sales, the programme will provide all the important information about the number of items required to avoid excessive product balances or, on the contrary, calculate the optimal stocks to prevent shortages. This is especially important as modern entrepreneurs face the challenge of determining the minimum and optimal level of any unit of ingredients or inventory that should be in the business to maintain its efficient operation and stability. Successful companies use PAR. This approach to inventory management is only beginning to gain popularity in the Ukrainian market, but it is already necessary to study the latest tools that are common abroad, as they significantly simplify complex management processes.