Knowra Enterprise resource planning Enterprise resource planning Enterprise resource planning (ERP) is an integrated information system that connects an organization’s core processes, including finance, procurement, production, and human resources, through shared data and workflows.
ERP database : A shared data store used by ERP modules to record and retrieve organizational information. Common records let finance, inventory, and other functions work from consistent information.
Enterprise resource planning finance : ERP functionality for accounting, financial reporting, budgeting, and related financial operations. Finance modules record transactions generated throughout the organization.
On-premises software : Software installed and operated on an organization’s own computing infrastructure. It contrasts with cloud ERP, where a provider hosts the system.
ERP implementation : The project of configuring, deploying, and adopting an ERP system in an organization. Implementation determines how the system’s processes and data fit actual operations.
Inventory management : The planning and control of goods held for production, sale, or organizational use. Inventory control was an early operational concern that helped motivate computerized planning.
ERP module : A functional component of an ERP system that supports a business area such as finance or procurement. Modules provide specialized processes while sharing data with the broader system.
Supply chain management : The coordination of sourcing, production, inventory, and movement of goods across a supply network. ERP links internal operations with procurement, inventory, and supply-chain activities.
Cloud computing : The delivery of computing resources and software services over a network, commonly the internet. Cloud ERP shifts hosting and much infrastructure management to a service provider.
Business process reengineering : The radical redesign of business processes to achieve substantial improvements in performance. ERP projects can prompt organizations to redesign workflows rather than automate them unchanged.
Economic order quantity : A formula for choosing an order quantity that balances ordering and inventory-holding costs. Classical inventory models provided foundations for computerized materials planning.
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