The acronym ERP stands for Enterprise Resource Planning.
It refers to the systems and software packages used by organizations to manage day-to-day business activities, such as accounting, procurement, project management and manufacturing. ERP systems tie together and define a plethora of business processes and enable the flow of data between them. By collecting an organization’s shared transactional data from multiple sources, ERP systems eliminate data duplication and provide data integrity with a “single source of truth.”
The Business Value of ERP
It’s impossible to ignore the impact of ERP in today’s business world. As enterprise data and processes are corralled into ERP systems, businesses are able to align separate departments and improve workflow, resulting in significant bottom-line savings. Examples of specific business benefits include:
Improved business insight—from real-time information generated by reports
Lower operational costs—yhrough defined and more streamlined business processes
Enhanced collaboration From users sharing data in contracts, requisitions, and purchase orders
Improved efficiency—through a common user experience across many business functions and managed business processes
Consistent infrastructure—from the back office to the front office, all business activities have the same look and feel
High user-adoption rates—from a common user experience and design
Reduced risk—through improved data integrity and financial controls
Lower management and operational costs—through improved data integrity and financial controls
Delivering an Extended Enterprise to Fuel Opportunities
When cloud ERP extends its core financial architecture to include integrated customer relationship management (CRM), supply chain management (SCM), human capital management (HCM), and enterprise performance management (EPM), the system seamlessly ties all the applications together with a single data repository and a common user experience. An extended cloud ERP system enables all departments to be managed with improved visibility and collaboration, as if they were a single organization. It also provides seamless access to advanced reporting features, such as data visualization and advanced analytics. With access to emerging technologies, such as the Internet of Things (IoT), organizations gain a comprehensive, real-time understanding of business activities not only in the front office, but also in warehouses and on factory floors. This knowledge is readily available to employees on their mobile devices through social tools.