Enterprise Resource Planning System Flashcards, test questions and answers

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What is Enterprise Resource Planning System?

Enterprise Resource Planning (ERP) System is an integrated computer-based system used to manage the internal and external resources of a business. It combines all data and processes into one unified system designed to support the organization’s operations, management decisions and strategic goals. The main purpose of ERP systems is to provide accurate information in order to make better decisions faster, improve visibility across organizational boundaries, streamline business processes, increase collaboration between departments and reduce costs.One significant advantage of using an ERP system is its ability to centralize information from various areas within the company. This allows for more efficient decision making since all relevant data can be accessed quickly, accurately and securely from any location. Additionally, by integrating different modules within the same platform users have access to real-time data that helps them identify opportunities for cost savings or process improvement sooner than if they needed to acquire it manually from multiple sources.The implementation of an ERP system requires careful planning due to its complexity; however, once in place it offers many benefits such as improving customer service through increased accuracy when tracking orders or responding quickly with fresh inventory when necessary. An effective ERP solution can also enable companies with global presence or multiple manufacturing sites keep track of their supply chain activities such as ordering raw materials or managing production schedules; thus increasing efficiency while reducing costs associated with manual operation errors or delays caused by lack of coordination among different departments/sites. Finally, most modern solutions come loaded with analytics tools allowing managers extract valuable insights about how their businesses perform which help them achieve higher levels of operational excellence as well as design new strategies based on reliable facts instead of guesswork. In conclusion enterprise resource planning systems are powerful tools capable not only of automating laborious manual tasks but also providing unprecedented insight into how organizations operate so they become more agile and profitable in today’s competitive environment.