What is the Full form of ERP?
The ERP full form is Enterprise Resource Planning. It is a business management software that a number of businesses use to improve their efficiency and quality. It is an effective entrepreneurial tool. It is used to record, store, manage, and analyze data from a variety of company activities, including product planning, expenses, distribution of production or service, sales, and marketing, inventory control, shipping, and payment, etc.
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The ERP system’s defining characteristic is a centralized database that contains different functions used by multiple departments. For example, sales and accounting may rely on the same information. Each ERP software module has its own business function and is utilized to improve the organization’s efficiency and performance. Oracle, SAP, IFC, Microsoft, Infor, QAD, Lawson, Epicor, SAGE, etc. are prominent EPR vendors.
Various ERP modules
ERP software is also useful for large businesses, and it consists of multiple modules.
- Financial Accounting
- Inventory
- Project management
- Purchasing
- Human Resources
- Customer Relationship Management
- Supply Chain Management
ERP Implementation
- Cost and time are essential factors to consider when building or implementing an ERP system.
- Implementation can take between several months and several years.
- Moreover, the price can vary based on the vendor’s given features and capabilities.
Advantages of ERP
- It makes it simpler for workers to perform their tasks more efficiently.
- Reduces risk and enhances financial compliance.
- Automatization of essential business procedures
- It increases client satisfaction by providing a single location for billing and relationship tracking.
- Provides a worldwide, real-time overview of the system, enabling organizations to implement updates.
