It’s a software that is used to store and manage data in various process like production, manufacturing, marketing. It’s a billion dollar industry that produces various components for numerous business functions. It mainly helps in providing error–free process. The origin of ERP came from materials requirement planning and computer aided manufacturing in the year 1990.
There are many features of ERP and they are it is a system which operates in real time, it has a common database which almost supports all applications and installation of the system is done by IT easily.
Components of the ERP:
- Analyzing the product
- Simple resource planning
- Transactional database
- BI system
- Document management
- Workflow management
The advantages of ERP are listed below
- Predicting the future of sales for optimizing the inventory.
- Tracking of order from acceptance of fulfillment.
- Chronology of each order of all transaction in each and every area of operation.
- Tracking of revenue through receipts.
- Bringing in the transparency of statistical data and in standard product naming. Benefits:
- ERP is used to improve the quality and efficiency of any business.
- ERP is used in critical decision making process.
- ERP helps in making company more flexible and more rigid.
- ERP helps in data security