ERP is a term that has been around for some time however many people wrongly assume that every business executive knows what this term means as well as what it can do to transform a business. If this is you, don’t worry as you’re not alone – you’d be surprised by the number of business owners who don’t know what ERP stands for, let alone what it can do for their business.
ERP stands for Enterprise Resource Planning, which is made up of a combination of software modules that handle the core functions of a business in one central database. The original concept behind the development of ERP was to bring together and manage functions such as accounting, inventory, sales and purchasing in one fully integrated application so that data and information could be passed between departments.
In recent years ERP has increased its core functionality to cover industry specific requirements such as manufacturing, construction, retail, wholesale-distribution and professional services but the idea behind the software is still the same; to help your people work faster and better, reducing risk and supporting and driving business growth.
There are plenty of benefits to having an ERP solution. These can include;
Each business is unique and there are many reasons why businesses are choosing to migrate to a new ERP solution. Here are a few of the most common reasons for making the change:
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