What is Enterprise Resource Planning (ERP)?

Refers to the system and integrated business process management software applications that a company uses to keep track of their customer and business activity. More specifically, an ERP can be used to manage activities such as accounting and other financial processes, customer relationship management, procurement, risk management and compliance, manufacturing, supply chain operations, and even project management. The ERP software can also be effective in the communication process between different departments, as the application collects data and information that can be of interest for various functions in the company.