Enterprise resource planning (ERP)

Definition

Enterprise Resource Planning (ERP) is a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations. A key goal of ERP systems is to integrate these various functions into one complete system to streamline processes and information across the entire organization.

Related terms

Supply Chain Management:

The handling of the entire production flow of a good or service - starting from the raw components all the way to delivering the final product to the consumer.

Business Intelligence (BI): A technology-driven process for analyzing data and presenting actionable information which helps executives, managers, and other corporate end users make informed business decisions.

Customer Relationship Management (CRM):

A strategy that companies use to manage interactions with customers and potential customers by analyzing data about customers' history with a company to improve business relationships