“Enterprise Resource Planning (ERP) is a comprehensive and integrated software solution that empowers organizations to streamline their business processes, enhance operational efficiency, and gain a holistic view of their operations.”
ERP systems serve as a centralized hub that connects various departments, functions, and processes within an organization, facilitating the flow of information and enabling informed decision-making.
5 Components of ERP:
- Finance
- HR
- Logistics
- Manufacturing
- Supply chain management
- Customer relationship management
These modules are interconnected, allowing data to seamlessly flow between them, eliminating data silos and promoting data consistency.
ERP systems play a vital role in regulatory compliance and risk management by enforcing standardized processes and maintaining accurate records.
ERP systems are adapting to incorporate emerging trends like cloud computing, artificial intelligence, and data analytics.