Enterprise resource planning (ERP)

What Is ERP?
Enterprise resource planning (ERP) is business management software,
ERP software integrates various functions into one complete system to streamline processes and information across the entire organization.
The central feature of all ERP systems is a shared database that supports multiple functions used by different business units.

Origin of "ERP"
In 1990, Gartner Group first used the acronym ERP as an extension of material requirements planning (MRP), later manufacturing resource planning and computer-integrated manufacturing. Without supplanting these terms, ERP came to represent a larger whole that reflects the evolution of application integration beyond manufacturing.
Not all ERP packages developed from a manufacturing core. Vendors variously began with accounting, maintenance, and human resources. By the mid–1990s ERP systems addressed all core enterprise functions. Governments and non–profit organizations also began to use ERP systems.

ERP offers: 
 ERP software also offers some degree of synchronized reporting and automation. Instead of forcing employees to maintain separate databases and spreadsheets that have to be manually merged to generate reports, some ERP solutions allow staff to pull reports from one system. For instance, with sales orders automatically flowing into the financial system without any manual re-keying, the order management department can process orders more quickly and accurately, and the finance department can close the books faster. Other common ERP features include a portal or dashboard to enable employees to quickly understand the business' performance on key metrics/figures of the company.

ERP is the backbone of the Business:

At its core, ERP helps employees do their jobs more efficiently by breaking down barriers between business units. More specifically, an ERP solution:

•     Gives a global, real-time view of data that can enable companies to address concerns proactively and drive improvements
•     Improves financial compliance with regulatory standards and reduces risk
•     Automates core business operations such as lead-to-cash, order-to-fulfillment, and procure-to-pay processes
•     Enhances customer service by providing one source for billing and relationship tracking.

 With an ERP solution, employees have access to accurate information that enables them to make better decisions faster. Not only that, but ERP software helps to eliminate redundant processes and systems, dramatically lowering the cost of doing business overall.

Famous ERP Vendors:
SAP
Peoplesoft
Oracle
JD Edwards
Baan
MFG/PRO
Navision (Microsoft Dynamics NAV)