ERP (Enterprise resource planning) is a modular software system designed to integrate the main functional areas of an organization's business processes into a unified system. An ERP system includes core modules that focus on essential business areas such as Finance and Accounting, HR, Production, Materials management, CRM and (SCM). Businesses typically turn to an ERP system when they outgrow spreadsheets and disparate software systems and need unifying capabilities to enable growth. ERP makes real-time business data available throughout the organization, which enables businesses to adapt quickly and respond to changes thereby helping in informed decision making. Many a times, it forms the base of data for Analytics or Business Intelligence systems.
ERP offers many benefits, arising out of information sharing and standardization. They can also enable better insights from data, with the newer technologies such as Business Analytics, Artificial Intelligence,capabilities.
Some of the important business benefits of ERP are