The term “enterprise resource planning” (ERP) refers to a category of software that businesses use to monitor routine operations including accounting, purchasing, project management, risk management, and conformity. Enterprise performance management software, which aids in planning, budgeting, forecasting, and reporting an organization’s financial outcomes, is also a component of a full ERP suite.
ERP systems facilitate the exchange of data between various corporate operations and tie them all together. ERP solutions avoid data duplication and offer data integrity with a single source of truth by gathering an organization’s common transactional data from several sources.