What is an ERP?

Enterprise Resource Planning (ERP)
Enterprise Resource Planning (ERP)

What does ERP mean?

  • ERP Means “Enterprise Resource Planning”

What is an ERP?

  • An ERP is business software application or series of applications, which facilitate the daily operations of business. An ERP an be commercial-off-the-shelf (COTS) applications (which may or may not be customized) or custom built (home grown) by the business and/or assemblages of different vendor applications and/or models.  ERP applications dules from a variety of vendors.

Common ERP Major Functions

  • ERP application software typically support these major business operations:

Financials Management system (FMS)

  • FMS supports accounting, consolidation, planning, and procurement.

Customer Relationship Management (CRM)

  • CRM facilitates customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and sales growth.

Human Resources Management System (HRMS)

  • HRMS supports workforce acquisition, workforce management, workforce optimization, and benefits administration

Enterprise Learning Management (ELM)

  • ELM is the integrated application which increases workforce knowledge, and skills, and competencies to achieve critical organizational objectives.

Asset Management (AM)

  • AM support activities for deploying, operating, maintaining, upgrading, and disposing of assets cost-effectively.

Supply Chain management (SCM)

  • SCM is the oversight of materials, information, and finances as they move in a process from supplier to manufacturer to wholesaler to retailer to consumer.

Related References