What is the full form of ERP?

The full form of ERP is Enterprise Resource Planning. Many commercial businesses use this business management software to improve the effectiveness and standard of their operations. It is an effective business tool. It is used to collect, store, handle, and analyse data from various business operations, including product planning, expense management, production or service distribution, sales and marketing, inventory control, shipping and payment, and so on.

The primary component of the ERP system is a centralised database that includes various features used by numerous departments. For instance, accounting and sales may rely on the same information. The firm uses each business function of an ERP software module to increase productivity and performance. Oracle, SAP, IFC, Microsoft, Infor, QAD, Lawson, Epicor, SAGE, and other top EPR suppliers are also available.

Various modules of ERP

ERP software is also useful for large companies, and there are several modules of ERP

• Financial Accounting
• Inventory
• Project management
• Purchasing
• Human Resources
• Customer Relationship Management
• Supply Chain Management

Implementation of ERP

• When establishing or adopting an ERP programme, time and money are important factors.
• It can take several months to several years to implement.
• Furthermore, the cost is not fixed and might change based on the features and specifications provided by the vendor.

Benefits of ERP

• It makes it simpler for employees to complete their tasks more successfully.
• reduces hazards and enhances monetary compliance.
• Principal business operations are automated.
• increases client satisfaction by providing a single location for tracking relationships and billing.
• gives a comprehensive, real-time system report, assisting companies with system upgrades.