Business Name: Algebra AI
Business Segment: MBA Fakhro / Greenfield Capital / Business Software
Year Founded: 2019
Fund Name: MBA Fakhro – Greenfield Capital One
Ownership: MBA Fakhro – Greenfield Capital One owns 100% of Algebra AI
Business Overview: Algebra AI is an ERP software for the trading industry, with AI capabilities. Artificial Intelligence is change the Enterprise Resource Planning (ERP) space is various ways that will fundamentally change the way companies use their data. Algebra AI aims to take advantage of these changes to provide a cutting-edge large-scale software to run a company effectively and to allow it to set itself apart by leveraging its data. It allows a company to take advantage of advances in machine learning to run a more efficient organization and to gain an edge on its competitors. Algebra AI utilizes AI to improve inventory management, customer relationship management, human resources management, sales automation, and financial management. The following are the ways in which this is done:
Inventory Management: AI and machine learning can test hundreds of demand forecasting models and possibilities with a new level of precision while automatically adjusting to different variables such as new product introductions, supply chain disruptions or sudden changes in demand. Using AI systems, every single part can be tracked from when it’s first manufactured to when it’s assembled and shipped to an end customer.
Customer Relationship Management: AI solutions can learn from customer service history, enabling chat bots to answer customers’ inquiries more cost-effectively, quickly, and consistently. The quality of customer service can also be improved by integrating real time data from different customer-facing departments, providing a 360-degree view of the customer. When customer requires field service, an AI solution can use knowledge about the required skill set and required parts to assist with the planning and scheduling of service calls.
Human Resource Management: Talent acquisition software can scan, read, and evaluate applicants and quickly eliminate 75% of them from the recruiting process. AI systems can successfully plan, organize, and coordinate training programs for all staff members. By determining individual affinities and revealing who should get a raise or who might be dissatisfied with the life-work balance, AI systems can be proactive and solve the problem of employee churn before it happens.
Sales Automation: Currently, sales automation systems are about tracking, reporting and team productivity. The next wave will be about making individual interaction smarter by using data to determine which content, which answers, and which sales plays are more likely to drive results. AI can be introduced early in the process by pulling in the oceans of data from outside the organization to help reps build comprehensive profiles of their targets. In addition, customer engagements for inside sales can be fully automated, conducting basic sales triage, such as information gathering, initial qualification and segmentation, and real-time response handling.
Despite the immense potential benefits to arming ERP systems with AI, there are still some hurdles to overcome. There are risks around sharing sensitive data, and regulations to consider—such as GDPR.
In addition, the infrastructure behind AI is still evolving to meet the challenge of analyzing real time data from different sources with a high level of reliability.
But no doubt, in time, the kinks will be worked out, since ERP with AI can introduce so many efficiency boosters throughout the organization. Investing in smart technology to get even smarter will become the norm, and AI will be necessary for companies to continuously improve efficiency, excel and stay one step ahead of the competition.
Financial Management: Bots can automate repetitive accounting functions including categorizing invoice information into various accounts, and even distinguishing between a monthly phone bill and a payment towards a phone purchase. AI can close operations and automate monthly, quarterly and year-end processes, even comparing account balances between various independent systems and verifying statements and reports for accuracy.