ERP (Enterprise Resource Planning)
Integrated management software used to manage business processes, often in real-time, by facilitating the flow of information across all business functions.
Implications
Integrated software systems used by organizations to manage business processes across various departments, such as finance, HR, manufacturing, supply chain, and customer relations, often leading to improved efficiency, data accuracy, and decision-making.
Example
Example: A global manufacturing firm implements an ERP system to integrate its inventory management, production planning, and financial reporting, enabling real-time data access and streamlined operations.
Related Terms
Different from standalone software applications that address specific functions, ERP systems provide a unified platform that integrates multiple business processes across the enterprise.
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