Enterprise Resource Planning or ERP, refers to a type of software used by businesses to manage day-to-day operations such as accounting, procurement, project management, risk management and compliance, and supply chain operations. A comprehensive ERP also includes enterprise performance management software, which aids in the planning, budgeting, forecasting, and reporting of an organization’s financial results. ERP systems connect a number of business processes and let data flow between them. ERP method eliminates duplication of data and provides data security with a single source of truth by collecting an organization’s shared transaction-oriented data from multiple sources.

Enterprise resource planning systems are comprehensive, incorporated platforms that manage all aspects of a manufacturing or distribution business, either on-premises or in the cloud. ERP systems, in addition to core accounting functions, provide all aspects of financial management, such as human resources, supply chain management, and manufacturing.

By monitoring all aspects of production, logistics, and financials, ERP systems will also provide transparency into your entire business process. These integrated systems serve as a company’s central hub for end-to-end workflow and data, enabling access to a variety of departments.