Understanding ERP: What Enterprise Resource Planning Means and Its Benefits
ERP (Enterprise Resource Planning) is an integrated software solution that manages core business processes in real-time, enhancing efficiency and productivity. It includes financial management, HR, supply chain, manufacturing, and CRM. ERP systems offer integration, automation, data analysis, and scalability. Originating from MRP systems in the 1960s, modern ERP solutions like SAP S/4HANA and Oracle NetSuite provide cloud-based services. Benefits include improved efficiency, collaboration, real-time data, and regulatory compliance. Implementation requires clear objectives, stakeholder buy-in, and training, with challenges like cost and data migration.