What is ERP
ERP stands for Enterprise resource planning. The term was first introduced in 1990 by Gartner as an extension of “Manufacturing Resource Planning”. Soon the term was expanded to cover systems that address core enterprise functions.
Today ERP refers to a suite of integrated applications that businesses can use to store and manage every aspect of their operations. An ERP system provides the operational backbone of your businesses along with strategic planning and real-time visibility.
Major Benefits of ERP Systems
- ERP collects, manages and distributes information across functional boundaries and helps break down barriers within the business resulting in higher quality, reduced time-to-market, shortened processing times, higher productivity, lowered costs, and higher margins.
- Automates core business operations such as lead-to-cash, order-to-fulfillment, and procure-to-pay processes
- Track actual costs and perform activity based costing which gives businesses better data points to make decisions.
- ERP system provides a detailed and updated picture of inventory, sales and receivables.
- After successful ERP implementation, many companies achieved major cost savings through increased productivity, better control of purchasing cycles, improved flow of inventory and reduced processing time.
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