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What is Enterprise Resource Planning?

Enterprise Resource Planning (ERP) is the integrated management of core business processes, often in real-time and mediated by software and technology.
ERP helps an organization to utilize collect, manage, store and interpret data from various business processes. It is business management software which includes all required tools and integrated application to process out varied enterprise activities. A core business do requires a database management system which integrates and continuously provide an updated view, and there ERP plays a role. It tracks business resources like cash, raw materials, production capacity. It maintains steady flow of informative data through all various departments and manages connections stakeholders.
Enterprise system software is a multibillion-dollar industry that produces components supporting a variety of business functions. IT investments have become the largest category of capital expenditure in United States-based businesses over the past decade. Though early ERP systems focused on large enterprises, smaller enterprises increasingly use ERP systems.
The ERP system integrates varied organizational systems and facilitates error-free transactions and production, thereby enhancing the organization’s efficiency. However, developing an ERP system differs from traditional system development. ERP systems run on a variety of computer hardware and network configurations, typically using a database as an information repository. It offers different types of data transaction such as Direct integration, Database integration, Enterprise Appliance Transaction Modules (EATM) and Custom-integration solutions.
(Source: Wikipedia) 
-Bhushan Ghate