Enterprise Resource Planning (ERP) is software that aids in managing daily business activity. Accounting, sales orders, fulfillment, inventory, procurement, production, compliance, and supply chain operations are some information-gathering centers that ERP systems bring together.
A complete ERP suite also includes enterprise performance features that help plan, budget, predict, and report on business cash flow and profitability.
ERP systems bring numerous business processes together and enable information sharing across a company's departments. Vendors, customers, and employees are often included to improve the transfer of needed information.
By collecting business transactions from departmental sources, ERP systems exclude data duplication and allow for better data integrity, providing a single source of verification.
ERP systems are critical for managing thousands of businesses of all sizes and types, and they are necessary for these companies to compete in modern markets.