What is the Full form of ERP?
The acronym ERP stands for Enterprise Resource Planning, referring to a type of software used by the organization to manage its key business process to improve efficiency, and cost reduction and optimize its core business operations.
ERP is recognized as the world’s largest enterprise software used for controlling and streamlining business processes. The term ERP was coined by Gartner Group in the 1960s.
Enterprise Resource Planning (ERP) software places its focus on integrating an organization’s 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.
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ERP Full Form in Computer and Software
According to Computer and Software terms, the full form of ERP is ‘Enterprise Resource Planning’, and the full form remains the same. It mainly focuses on the digital and automation of solutions to optimize business solutions and operations. Popular ERP software like SAP, Tally, Oracle, and MS Dynamics are developed to fulfill business requirements.
Major Components of ERP Software
- Human Resources Management Systems
- Financial Systems
- Supply Chain Management
- Customer Resource Planning
- Manufacturing Resource Planning
What is ERP: Meaning of ERP software
In the 1990s, Enterprise Resource Planning or ERP used multi-module application software to improve the performance of business processes. ERP systems integrate with business activities across functional departments, from production planning, parts purchasing, inventory control, product distribution, and fulfillment, to order tracking resources. This led to the evolution of the ERP System.
What does ERP software do?
ERP software helps to implement all the functions of a company and it enables to plan, track, and utilize all the resources of the company. By using Enterprise Resource Planning software you can manage a company by collecting, organizing, and reporting information throughout the business process.
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.
Key Benefits of ERP System
- ERP automates business processes, helps reduce manual words and improves efficiency,
- With real-time analytical data, better decision-making can be made,
- ERP also helps reduce costs and improve higher revenues.
Frequently Asked Questions:
1. What is the ERP full Form according to IT?
- Ans: According to IT, ERP stands for Enterprise Resource Planning, developed to use technology with the integrated and smooth running of business functions.
2. What does ERP stand for according to Business?
- Ans: According to Business, ERP refers to managing business operations like Finance, Marketing, Sales, and Human resources in a single integration system.
3. Full form of ERP SAP?
- Ans: Full form of SAP – Systems Applications and Products
4. What does ERP stand for in Tally?
- Ans: Tally is an ERP software, the term ERP stands for the same as ‘Enterprise Resource Planning’.