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Study Notes

Enterprise Resource Planning (ERP)


Last updated 22 Mar 2021

ERP is a software system that a system that helps businesses integrate and manage their often complex financial, supply chain, manufacturing, operations, reporting, and human resource systems.

Although the introduction and management of ERP systems is both complex and costly, there are some significant business benefits if ERP is implemented successfully.

These benefits include:

Financial management: better control over assets, cash flow, and accounting

Supply chain and operations management: streamlined purchasing, manufacturing, inventory, and sales order processing

Customer relationship management: improved customer service, and opportunities to cross-sell

Project management: complex projects better managed and to lower cost

Human resources management: may help attract and retain good employees

Business intelligence: improved management reporting, analysis, and business analytics

International business: helps coordinate multi-location business management

Some Examples of Major ERP Software Providers

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