What is the Full form of ERP?
The full form of ERP is Enterprise Resource Planning. It’s a business management software that several business organisations incorporate to boost their efficiency and quality. It is a powerful entrepreneurial device. It is used to capture, store, handle and analyze data from many company activities such as product planning, expense, distribution of production or service, sales and marketing, inventory control, shipping and payment, and so on.
The ERP system’s key feature is a centralised database that incorporates various functions which are used by multiple areas. For instance, sales and accounting may depend on the same details. Each ERP software module has its business function and is used to enhance efficiency and performance by the organisation. Leading EPR vendors are Oracle, SAP, IFC, Microsoft, Infor, QAD, Lawson, Epicor, SAGE, etc.
Various modules of ERP
ERP software is also useful for large companies, and there are several modules of ERP
- Financial Accounting
- Project management
- Human Resources
- Customer Relationship Management
- Supply Chain Management
Implementation of ERP
- Time and cost are critical considerations to consider when installing or implementing an ERP program.
- Implementation can take a few months to a few years.
- Additionally, the price is not constant and can vary depending on the specifications and the functionality offered by the vendor.
Benefits of ERP
- It makes it easier for workers to do their activities more effectively.
- Decreases the risks and improves financial compliance.
- Core business processes are automated.
- Improves customer satisfaction, as it offers one outlet for billing & relationship tracking.
- Provides a global, real-time summary of the system which helps businesses to make upgrades.