ERP stands for Enterprise Resource Planning. It's a software that manages a company's financials, supply chain, operations, commerce, reporting, manufacturing. ERP is a software designed to manage and integrate the functions of core business processes like finance, HR, supply chain and inventory management in a single system.
Widely used in businesses of all sizes, ERP is considered a must-have for large enterprises and is increasingly being deployed in growing small businesses. The complexities of the global economy and modern consumer demands have made streamlining business processes and managing and optimizing data critical. ERP is typically the foundation of these capabilities.
Components of an ERP system
An ERP system consists of software components, or modules, each of which focuses on a distinct business process. Certain modules are considered "core" to nearly every type of business and the first to be deployed:
The ERP finance module automates basic accounting, invoicing, financial analysis, forecasting and reporting. It is often the main reason a company moves to ERP from standalone accounting software. The growing complexity of the business makes apparent the need to have a single system to manage all of the financial transactions and accounting for multiple business units or product lines.
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