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What is an ERP?

What is an ERP? In fact, the question should be "what is an ERP 2.0." as ERP Software has come a long way from how they were 20 years back. Newer ERP systems are completely different. RESOURCES & LINKS: ____________________________________________ Check this for more details: https://www.elevatiq.com/post/what-is... ERP Evaluation Checklist: https://www.elevatiq.com/post/erp-sys... ERP Purchase Process: https://www.elevatiq.com/post/a-compr... Download the ERP Selection Guide: https://www.elevatiq.com/guides-and-r... ____________________________________________ If you are on an older ERP system, you might want to know that ERP systems change as our interaction with the technology changes. For example, 20 years back, we barely had mobile devices and our interactions were entirely different on our systems. With social media and newer technologies, our expectations have changed. And ERP systems need to adapt to these changing habits. So, your old ERP system will not be efficient today. So, what is an ERP system? ERP systems could be thought of as an accounting system just because the accounting module is the foundational component of an ERP system. In addition, accountants are the primary user of an ERP system. However, an ERP system is much bigger than just an accounting system. Some people also refer to it as an order management system. While managing your orders is going to be one of the primary purposes of an ERP system. The scope of an ERP is much broader. ERP can also help with procurement, planning, and financials. So, it’s not fair to call ERP an order management system. It’s also commonly referred to as the MRP system. Traditionally, due to the limitations of technologies, the business systems were smaller in scope. For example, we might have an accounting system. But since having manufacturing capabilities in one solution would be too much for old technologies to handle. So, there would be another package called MRP, which is also known as manufacturing resource planning. Since ERP systems are commonly used in manufacturing and distribution settings, they are commonly referred to as an ERP system. To summarize, an MRP is a core module of an ERP system. But, calling ERP an MRP system is not fair for the capabilities that an ERP system offers. Similarly, some people refer to it as a CRM system. With the advancements in the marketing trends, CRM systems are a slightly newer breed of business systems. The boundary between a CRM and ERP system would be a sales order. A CRM would be very strong in processes before the sales order but not so strong with the processes that follow the sales order. An ERP nevertheless would be stronger in capabilities after the sales order but may not as strong with the CRM processes. A CRM system would be responsible for capture lead management, marketing campaigns, customer interactions, whereas the ERP would capture order, warehouse, inventory, and financials. There an ERP system is not necessarily comparable to a CRM system. Following along the same lines, calling ERP a cloud system is not fair either. Cloud is a technology. An ERP could be delivered in the on-prem setting or cloud. That’s why it would not make sense to call an ERP a cloud system. The best way to define an ERP would be how it used to be defined traditionally, In the academic settings, in business schools, they refer to such systems as a management information system. This term perhaps captures the true essence of what an ERP system really is. The management information system is supposed to help managers and executives with information in decision making, which is exactly what an ERP does, not only it helps them with this information, it provides this information in real-time. Also, an ERP system provides the bird-eye view of the KPIs, along with the drill-down capabilities in each of those KPIs. The other aspect of the management information system is the timeliness of business decisions. The final point related to the management information system would be the integrated view of the organization. With the siloed system, it’s hard to cut through the processes and find the insight that you need to run your business. To summarize, an ERP system is an integrated system that can manage all your business processes in one system. ► If you need help with your ERP implementation or Digital Transformation project, check out our offerings at https://www.elevatiq.com/ ►Subscribe Today for great ERP Tips:    / @elevatiq   ►Follow us on Twitter:   / elevatiq   ►Follow us on LinkedIn:   / elevatiq   #ERP #DigitalTransformation #CIO #CFO #Controller