What does ERP Stands for, ERP full form, ERP Meaning
ERP stands for Enterprise Resource Planning (ERP) was coined by Gartner Group in the 1960s.
“Enterprise Resource Planning (ERP) software places its focus on integrating an organization’ departments and functions (HR, logistics, Sales, Finance, Production etc) into a single and integrated computer system that aims to serve all those department teams’ needs.
Major components of ERP
- Human Resources Management Systems
- Financial Systems
- Supply Chain Management
- `Customer Resource Planning
In the 1990’s,Enterprise Resource Planning or ERP uses multi-module application software for improving the performance of the business processes. ERP systems integrates with business activities across functional departments, from product planning, parts purchasing, inventory control, product distribution, fulfillment, to order tracking resources. This led to the evolution of ERP System.
Common ERP Modules
- Purchase orders (PO)
- Financial Accounting and controlling
- Manufacturing Resource Planning (MRP)
- Customer Relationship Management (CRM)
- Human Resources (HR)
The major benefits of ERP systems are: better customer satisfaction, better information, high productivity, better quality and decreases in time to market, delivery time, inventory levels etc.