ERP stands for Enterprise Resource Planning, a type of software that is used to manage daily business activities such as project management, accounting, operations, compliance, risk management, etc. The term surfaced in the 1990s when the ERP software started centralizing the data and processes across the whole organization into an integrated system.
How can ERP benefit your business?
Increases productivity: ERP software enhances the operational productivity by automating the data exchange and optimizing various workflows
- Enhances business reporting: It enhances business reporting with better reporting tools that share real-time information
- Inventory management: An integrated ERP software can give accurate and real-time access to available inventory
- Improves customer relations: Most ERP software offers CRM functionality that helps companies enjoy a centralized repository of customer information
- Revenue generation: ERP systems can help businesses increase their profits with high productivity and automation
- Better data and cloud security: A cloud-based ERP system aids eCommerce businesses by providing a secure line of defense against fraud or misuse of data
An ERP software could be more powerful and beneficial if you integrate it with other key apps in your tech stack, which results in fast processing, real-time data visibility, less overhead, and high conversion rates.