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AI and Machine Learning are transforming how businesses operate through advanced automation, enhanced decision-making, and sophisticated data analysis for smarter, quicker decisions and improved predictions.
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Artificial intelligence (AI) and machine learning (ML) are revolutionizing industries, transforming the way businesses operate and driving unprecedented efficiency and innovation.
Despite their prevalence in everyday activities, these two distinct technologies are often misunderstood and many people use these terms interchangeably.
This article aims to clarify what sets AI and ML apart, delve into their respective use cases, and explore how they can benefit the supply chain and other business operations.
AI refers to the development of computer systems that can perform tasks typically requiring human intelligence and discernment. These tasks include problem-solving, decision-making, language understanding, and visual perception.
Machine learning (ML) is a subset of AI. It involves training algorithms to learn from and make predictions and forecasts based on large sets of data.
Unlike traditional programming, where specific instructions are coded, ML algorithms are "trained" to improve their performance as they are exposed to more and more data. This ability to learn and adapt makes ML particularly powerful for identifying trends and patterns to make data-driven decisions.
While AI is a much broader field that relates to the creation of intelligent machines, ML focuses specifically on "teaching" machines to learn from data.
In simpler terms, all machine learning is AI, but not all AI involves machine learning.
AI has a multitude of applications across different sectors:
Explore how Epicor’s AI solutions can transform your business operations.
Machine learning is integral to applications such as:
By learning from historical data, ML models can predict future trends and automate decision-making processes, reducing human error and increasing efficiency.
As you can see, there is overlap in the types of tasks and processes that ML and AI can complete, and highlights how ML is a subset of the broader AI domain.
Deep learning is an advanced form of ML that uses artificial neural networks to model highly complex patterns in data. These networks are inspired by the human brain’s structure and are particularly effective at tasks such as image and speech recognition.
Natural language processing (NLP) and natural language understanding (NLU) enable machines to understand and respond to human language.
These AI technologies are used in chatbots and virtual assistants like Chat GPT and Siri, providing more natural and intuitive user interactions.
AI and ML are being applied in various real-world scenarios.
Related: Discover Epicor’s AI and ML solutions for real-world applications.
Integrating AI and ML into your business can lead to significant benefits, including:
AI and ML play a critical role in planning, analysis, and data management solutions. Read about Epicor’s data management solutions.
Despite their immense benefits, AI and ML pose many challenges such as data privacy concerns, algorithmic bias, and potential human job displacement.
It is essential to address these issues and ensure the responsible and ethical use of these technologies.
The future of AI and ML shines bright, with advancements in generative AI, artificial general intelligence (AGI), and artificial superintelligence (ASI) on the horizon. These developments promise further to transform business practices, industries, and society overall, offering new possibilities and ethical challenges.
Many companies have successfully integrated Epicor’s AI and ML solutions for a remarkable transformation in their business operations.
Carvana, a leading tech-driven car retailer known for its multi-story car vending machines, has significantly improved its operations using Epicor's AI and ML technologies.
Through integrating the Epicor Catalog--a comprehensive, cloud-based database with access to over 17 million SKUs from 9,500+ manufacturers-- Carvana has dramatically increased productivity and cut the cost per unit for parts by more than 50%.
Additionally, Carvana workers enthusiastically took to Epicor. Adoption rates reached 98% within two weeks, highlighting its usefulness and user-friendliness.
Franklin Foods, a renowned cheese manufacturer in business for over 120 years, has significantly enhanced its operations using Epicor's AI and ML technologies.
By integrating Epicor Enterprise Content Management (ECM) and Intelligent Data Capture (IDC), Franklin Foods automated numerous manual document processes in their AP department.
Epicorm ECM's AI-powered features improve productivity and dramatically reduce errors. The ECM excels at making smart user recommendations for content fields based on patterns learned in previous entries. This machine learning (ML) functionality saves time and limits data entry errors--and performance continually improves. As it continuously learns from user interactions, the ECM makes better, smarter recommendations.
Success breeds success. The success of Franklin Foods' AP automation led to a total overhaul of its credit memo process.
Previously disorganized and inefficient, the credit memo process now provides clear insight into all credit statuses and who has signing approval. This has sped up the approval process and eliminated questionable approvals in a streamlined, three-level process.
AI and machine learning are powerful technologies transforming businesses everywhere. Even more traditional businesses, like the 125-year-old Franklin Foods, are seeing major business and revenue wins to ensure their business that's thrived since the 19th century continues to thrive in the 21st.
Across all industries, AI and machine learning can update, automate, enhance, and continue to "learn" as users integrate and interact with these technologies.
While AI encompasses a vast range of intelligent systems that perform human-like tasks, ML focuses specifically on learning from past data to make better predictions and forecasts and improve recommendations over time.
Businesses everywhere are adopting these technologies to enhance data management, automate processes, improve decision-making, improve productivity, and increase business revenue. These organizations, like Franklin Foods and Carvana, have a significant competitive edge over competitors who are reluctant or slow to realize the benefits of AI and machine learning.
