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ERP

Also known as: Enterprise Resource Planning

Quick Definition

ERP software unifies core business processes — finance, HR, supply chain, and operations — in a single system of record.

Expanded Explanation

Enterprise Resource Planning platforms like SAP, Oracle, and NetSuite integrate cross-functional data so that a purchase, invoice, or stock movement flows automatically through accounting, inventory, and reporting.

Real-world Applications

Manufacturing operations
Financial consolidation
Procurement and inventory
Human capital management
Advantages
  • Single source of truth
  • Better cross-department reporting
  • Standardised processes
Limitations
  • Long, expensive implementations
  • Requires organisational change management
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