The acronym ERP stands for enterprise resource planning. It refers to the systems and software packages used by organizations to manage day-to-day business activities, such as accounting, procurement, project management and manufacturing.
ERP systems tie together and define a plethora 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.”

Examples of specific business benefits include:
•Improved business insight—from real-time information generated by reports
•Lower operational costs—through defined and more streamlined business processes
•Enhanced collaboration— From users sharing data in contracts, requisitions, and purchase orders
•Improved efficiency—through a common user experience across many business functions and managed business processes
•Consistent infrastructure—from the back office to the front office, all business activities have the same look and feel
•High user-adoption rates—from a common user experience and design
•Reduced risk—through improved data integrity and financial controls
•Lower management and operational costs—through improved data integrity and financial controls

The types ofERP can be grouped as follows:
•Generalist ERP. Many legacy and cloud ERP solutions are generalists. They adapt to processes across industries. These solutions have strong customization and integration to match varying industry requirements.
•Open-Source ERP. Open-source ERP solutions are still a tiny fraction of the total ERP market. But solutions like Odoo ERP lend to companies with resident tech teams the flexibility to develop and integrate their own apps into the ERP. For developers, open-source increases usability and user adoption because the ERP can churn out highly customized processes.
Vertical ERP. These are industry-specific ERPs. Often, vertical ERP vendors are startups or smaller companies that try to focus on a niche, such as, construction, supermarket distribution or retail fashion. Among the most popular examples of this particular platform is Microsoft Dynamics AX.
Small Business ERP. These are off-the-shelf cloud or on-premise ERP solutions. Often, the ERP is modularized with pared-down features. Instead of delivering a fully integrated system, small business ERP like PeopleSoft serves one or two business processes and leaves out the others. For instance, it features HRM and accounting function only, with add-on options for CRM, inventory or supply chain management. For this, small business ERP is also referred to as lightweight ERP.

What are the latest ERP trends?
•SaaS and On-Premise Hybrid.
•Two-tier ERP.
•Social ERP.
•Mobile ERP.
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