Enterprise Resource Planning (ERP)

Definition of Enterprise Resource Planning (ERP)

Integrated software systems that manage a company’s core business processes in real-time.

Explanation of Enterprise Resource Planning (ERP)

Enterprise Resource Planning (ERP) is a type of software used by organizations to manage and integrate important parts of their businesses. An ERP software system can integrate planning, purchasing inventory, sales, marketing, finance, human resources, and more. The goal of an ERP system is to improve the efficiency of business processes by making it easier to share information among different departments within an organization. By having a single system for all these areas, businesses can streamline processes, reduce costs, and improve productivity. ERP systems can also provide real-time data and insights, helping managers make better-informed decisions. Implementing an ERP system can be complex and requires careful planning, but the benefits can be significant. It’s important for organizations to choose an ERP system that fits their specific needs and to ensure that all users are properly trained. With the right ERP system, businesses can achieve better coordination, improved performance, and a competitive edge in the market.

This dictionary entry was written by

Per-Gulbrand Peter Braathen

With a foundation in doctoral-level research, Per-Gulbrand Peter Braathen is a seasoned expert in the areas of marketing, branding and communication. His proficiency extends to marketing management, branding and communication strategy. Braathen's experience is underscored by his rich background from various industries, including entertainment. A distinguished alumnus of the USC Marshall School of Business, Braathen boasts a Master of Science in Marketing, complemented by a Graduate Certificate in the Business of Entertainment from the USC School of Cinematic Arts as well as two undergraduate Bachelor degrees from the esteemed University of Southern California.