What is ERP?
ERP is an abbreviation for enterprise resource planning. ERP software is used to manage the business. It integrates all aspects of an operation for product, including planning, development and manufacturing processes, human resources, finance and sales and marketing.
Like CRM, ERP allows for the rapid sharing of standardized information throughout various departments. Executives, managers, and other employees all enter information into the ERP system, creating a real-time, enterprise-wide snapshot.
The prominent feature of ERP is the shared database that provides an array of functions which is used by almost all of the departments of the organization. Implementation of this software enables all the departments of the organization to access up to date information. In addition to this, the entity is also able to analyze the performance, profitability and liquidity at any point of time.
The most important benefit of this software is that as it is integrated software the redundancy of data is minimized. The software also provides standardized procedures, processes and reporting as well that are common in the industries.