What is ERP?
ERP stands for Enterprise Resource Planning.
It is a computer software solution that addresses the enterprise needs by taking into view all process and transactions taking place an organization to meet the organization goals. It integrates all the functions of an enterprise. ERP solutions integrate (or attempt to integrate) all data and processes of an organization into a unified system. A typical ERP System will use multiple components of computer software and hardware to achieve the desired integration. A key ingredient of most ERP systems is the use of a unified database to store data for the various system modules and end-users. ERPs are cross-functional and enterprise wide. All functional departments that are involved in operations or production are integrated in one system.
Key characteristics of ERP
Integrates operations across different functions & geographies within an automated environment. Enable standardization of business processes and adoption of best practices. Improves data visibility throughout the organization. Supports planning and decision making process. Eliminates process repetition and duplication of jobs and reduces non value adding activities.
How will the company / organization be benefited by ERP?
Improved manpower productivity.
Increased productive time for managerial and strategic decision making.
Reduction of paper reports & manual processes.
Effective cost / budgetary control.
Better maintenance practices, leading to improved equipment availability.
Reduction in inventory and procurement process lead times.
Quick & efficient decision making thereby increasing market competitiveness.
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