ERP stands for Enterprise Resource Planning and refers to software and systems used to plan and manage all the core supply chain, manufacturing, services, financial and other processes of an organization. Enterprise Resource Planning software can be used to automate and simplify individual activities across a business or organization, such as accounting and procurement, project management, customer relationship management, risk management, compliance and supply chain operations.
Today, these phrases are used less frequently as the important factor is not company size but determining if the ERP system is effectively addressing current and future business requirements, no matter the size of the organization.It’s imperative that organizations consider and select ERP systems that eliminate the need for costly customizations, adapt to the rapid pace of business change, address future technologies and meet other identified requirements.
ERPs connect every aspect of an enterprise. An ERP software system allows for better performance and project management that helps plan, budget, predict and accurately report on an organization’s financial health and processes.
ERP systems typically cover all aspects of business operations and commonly provide:
- An integrated system
- Common database
- Real-time operation
- Support for all applications/components
- Common user interface across application/components
- On-premise, cloud hosted, or SaaS deployment