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ERP full form is Enterprise Resource Planning. ERP is a type of business management software that organisations or companies use to manage their day-to-day activities and operations. These activities include project management, risk management, accounting, procurement, supply chain management, and more, which are important for the functioning of an enterprise. Moreover, the software not only allows the enterprise to manage these operations but also helps them integrate the same so that there’s a better, smoother, and more efficient process in place. Furthermore, ERP has evolved over the years, now allowing organisations to use their web application form that can be used remotely.
Benefits of ERP
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What are some of the reasons for companies to avail of ERP software? The reasons are directly linked to the benefits of ERP, which we have mentioned below.
- Using ERP improves the efficiency, accuracy and productivity of a business; reducing redundancies and repetitive mistakes.
- Data reporting becomes easy and effective through the integration facet of ERP.
- ERP also helps companies adequately budget and forecast the needs of their state of operations, with better communication with shareholders.
- With ERP, departments in a company are better able to collaborate while sharing knowledge and forming a newly synergized workforce.
- Employee satisfaction is also increased with the otherwise ERP benefits observed by the company.
5 Main Components of ERP
The 5 main components of ERP are mentioned below.
- Finance
- Human Resources (HR)
- Manufacturing and Logistics
- Supply Chain Management (SCM)
- Customer Relationship Management (CRM)
We hope this has helped you understand ERP full form and everything related to it. Do you want to know more full forms like this? In the world of short forms, you can rely on our page to know more! Discover more such short forms that can help enhance your general knowledge!