What is the full form of ERP

ERP: Enterprise Resource Planning

Enterprise resource planning (ERP) refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations. A complete ERP suite also includes enterprise performance management, software that helps plan, budget, predict, and report on an organization’s financial results.

ERP systems tie together a multitude 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.

There are many vendors in the market which are providing traditional ERP solutions or Cloud-based ERP solutions. Though implementation platforms or technologies are different, there are common & basic modules of ERP which can be found in any ERP System. Depending on organizations need required components are integrated & customized ERP system is formed. All the below-mentioned modules can be found in an ERP system:

Human Resource
Inventory
Sales & Marketing
Purchase
Finance & Accounting
Customer Relationship Management(CRM)
Engineering/ Production
Supply Chain Management (SCM)
Project Management