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What is the full form of ERP?

Full form of ERP: Here, we are going to learn about the ERP, full form of ERP, overview, history, features of ERP system, advantages/benefits of ERP, execution of ERP, etc. By Anushree Goswami Last updated : April 4, 2024

ERP: Enterprise Resource Planning

ERP is an abbreviation of Enterprise Resource Planning. It is incorporated business management that is executed by a lot of numerous business houses to enhance their productivity and performance. ERP generally alludes as a class of business management software which is, in general, a collection of incorporated applications. It is a very influential, controlling and prevailing business tool. The use of this category of software is to gather, store, control, manage and understand data from many business activities like Product planning, cost Manufacturing or Service delivery, Marketing and Sales, Inventory management, Shipping, and payment, etc.

ERP category of software is very helpful and functional for huge business organizations. The industry of the ERP category of software is a multibillion-dollar industry that generates modules supporting various business tasks.

It categorizes in many sections, which are as follows,

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

Image source: https://en.wikipedia.org/wiki/Enterprise_resource_planning

Each category of ERP software section has its own useful and serviceable region and it is used by the business organizations for enhanced productivity and performance.

Features of ERP systems

A shared database is the most significant feature of an ERP system that supports a variety of numerous functions used by different sections. For example: On the equivalent information, accounting and sales can be dependent.

Advantages/ Benefits of ERP

• ERP makes easier the progress of employees to do their work more competently.
• ERP decreases the possibility of risks and develops economic acquiescence.
• ERP mechanize core business functions and processes.
• ERP raises client service because it makes available one source for billing and relationship tracking.
• ERP makes available a worldwide, real-time view of data that allows business corporations to do enhancement and up-gradation.

ERP Execution

• The significant parameters before importing or executing an ERP system are time and cost that are required to be measured.
• The execution can acquire more than a few months to a couple of years.
• Based on the client's needs and the features given by the dealer, the cost is also not permanent and varies.
• Therefore before executing the ERP, it is sensible and worthwhile to systematically study and examine the vendor's ERP package modules, features and supporting infrastructure.

Top ERP dealers

• SAP
• Oracle
• Microsoft
• Epicor
• Infor
• QAD
• Lawson
• SAGE
• IFS
• Consona Corp.