Enterprise Resource Planning: Transforming Business Operations
What is Enterprise Resource Planning?
Enterprise Resource Planning refers to packaged software applications that allow organizations to automate and integrate various back-office operations such as product planning, manufacturing, marketing, sales and service. Enterprise Resource Planning systems consolidate data from different departments like accounting, finance, sales and operations into a single database accessible to various departments. Some of the core modules in a typical Enterprise Resource Planning system include financial management, supply chain management, customer relationship management, human capital management and manufacturing management.
By replacing discrete legacy applications, Enterprise Resource Planning streamlines business processes, facilitates information sharing across departments and optimizes the use of resources. Enterprise Resource Planning ensures consistency and standardization of business practices across different locations of a company. It also enables real-time data sharing, thereby facilitating better decision making. Key players in the global Enterprise Resource Planning market include SAP, Oracle, Infor and Microsoft Dynamics.
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