Glossary Term: Enterprise Resource Planning (ERP)
Enterprise Resource Planning (ERP) is a business strategy used to track activities like purchasing, inventory and orders. ERP is the ability to deliver an integrated suite of business applications to effectively model and analyze data across departments including finance, HR, distribution, manufacturing and the supply chain.
ERP applications automate administrative and operational business processes by monitoring and managing operational data in real-time. The data generally includes production capacity, raw materials inventory, current purchase orders and payroll. ERP’s are often combined in a suite of applications allowing all departments to be monitored from a central database and eases information flow to stakeholders.
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