What Is Enterprise Resource Planning (ERP)?

Enterprise resource planning (ERP) is a type of software that businesses use to manage daily business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations. ERP suites help businesses to examine the organization’s financial results.

ERP systems tie together a multitude of business processes and enable the flow of data between them. By collecting an organization’s shared transactional data from multiple sources, ERP systems eliminate data duplication and provide data integrity with a single source of truth.

ERP Solutions Providers

There are some big names in ERP software like Oracle Corp. (ORCL), it is developed by SAP (SAP). Microsoft (MSFT) has long been an industry leader, with many customers using multiple software applications from the company.