ERP stands for Enterprise resource planning, ERP is a software product that enables enterprises to manage various business functions a.k.a. departments such as Sales, Finance, controlling, procurement, production, and human resource in a more integrated cohesive system built on a single database.
The ERP software not only helps organizations streamline business processes but also brings more transparency, process standardization, automation, and improved operational efficiency which contributes to increased productivity and profit margin. ERP helps businesses focus on enhanced customer experience which leads to increased sales and profit margins. It manages inventory, reduced operating costs, and maintains books of accounts for tax and legal compliance.

Let’s deep dive further into the concept of resource planning, to run any industry efficiently you need to manage the following four resources – Man, Machine, Material, and Money. ERP software started with the MRP concept which calculates the material requirement in the right quantity, right time, and at most economic