Full Form of ERP
Enterprise Resource Planning
ERP Full Form is Enterprise Resource Planning. ERP is a software designed for business management for integrated applications used by companies to store, collect, interpret, and manage data from various activities. Some of the essential activities managed by ERP include manufacturing, product planning, service delivery, inventory management, payment, shipping, etc.
There are a series of benefits in using an ERP system. Some of them are:
- One data source that offers all information related to services and products like information of vendors, suppliers, orders, etc. This feature provides rapid development in product launch cycles thereby increasing the market share of a company.
- Effective and holistic management of projects aids in crucial business decisions.
- Business process automation like invoicing, purchase and sales orders in the system boosts accuracy in forecasts and planning.