What is the Full Form of ERP?

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ERP Full Form is Enterprise Resource Planning. It is business management software that most businesses implement to enhance their productivity and performance and ERP is mainly used by large and average sized companies to streamline resources in functional areas like finance, manufacturing, distribution, marketing and HRM. It also ensures a smooth flow of data between customers and suppliers and the company.
It is a very powerful business tool. It is used to collect, store, manage and interpret data from many business activities like Product planning, cost, Manufacturing or Service delivery, Marketing and Sales, Inventory management , Shipping and payment etc. Compatible interfaces for the new system are created and the network connections are put in place, to work between the ERP software and the company's existing programs in the interface stage. Lifecycle management is the final stage of implementation and ERP stands for Enterprise Resource Planning. ERP is a way to integrate the data and processes of an organization into one single system. Usually ERP systems will have many components including hardware and software, in order to achieve integration, most ERP systems use a unified database to store data for various functions found throughout the organization. 
Today's ERP systems can cover a wide range of functions and integrate them into one unified database. For instance, functions such as Human Resources, Supply Chain Management, Customer Relations Management, Financials, Manufacturing functions and Warehouse Management functions were all once stand alone software applications, usually housed with their own database and network, today, they can all fit under one umbrella - the ERP system.
Implementing an ERP system is not an easy task to achieve, in fact it takes lots of planning, consulting and in most cases 3 months to 1 year +. ERP systems are extraordinary wide in scope and for many larger organizations can be extremely complex. Implementing an ERP system will ultimately require significant changes on staff and work practices. While it may seem reasonable for an in house IT staff to head the project, it is widely advised that ERP implementation consultants be used, due to the fact that consultants are usually more cost effective and are specifically trained in implementing these types of systems. 

ERP software comes in many modules that include :-
  • Financial Accounting
  • Human Resources
  • Inventory
  • Supply Chain Management
  • Project management
  • Customer Relationship Management
  • Purchasing

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