By Ravinder Singh
If a software is capable of managing the operations, manufacturing, supply chain, financial, and many more functions, then the life of management will be hassle free to a large extent. Such a software is called an Enterprise Resource Planning, and the acronym for the same is ERP. In other words, we can also say that it is a business process management software which is fully capable of integrating different kind of verticals in lieu of better management.
Let’s briefly glance at its history
First time around ERP was used in the nineties, when The Gartner Group  used this as an acronym for their own use. They tried to include all the terms which were prevailing at that time in the world of manufacturing processes, for instance, material requirements planning (MRP), material resource planning (MRP ll), and Computer Integrated Manufacturing (CIM). Now the coined term, that is, ERP, was without any doubt the blend of all — aforementioned trio, and definitely it was a step leapfrogging into the future evolving the application integration beyond manufacturing.
What makes the ERP system different?
In the previous times the ERP systems were monolithic, and it means that the systems didn’t have any communications with each other. The emergence of the need to have new ERP in place was based on the facts that each of the monolithic systems were very slow as each system was under the requirement of complex, expensive, and customized code that meets the unique business requirements making the process very much slow.
Now the latest ERP systems gels equally with all different processes and brings them all together in the table in one fluid system. The new thing is that it offers the premium data connectivity within your ERP system, your e-commerce, your productivity tools, your customer engagement tools etc. making the whole experience a lively one.
Why your business requires the ERP?
he main task of the implementation of ERP is to perfectly blend the intelligence, adaptability, acceleration to optimize the operations. There are few ways that your business can improve by ERP:
1. Impact on the operations is quite visible to all the employees hence they can quickly adapt and take action.
2. Optimal performance is improved with its integration as the processes and the data will be visible and hence more valve can be delivered to shape up the business.
3. The business gets its nimble status, as it quickly adapts to the needs of the market and the business grows with it keeping an eye on even the minuscule change in the market.
Core Parts that ERP can handle
The ERP acts as flyover between the back end of the office and the front end. There are some business functions that can classically contemplate the ERP. These are mentioned below:
Supply Chain Management
The days are gone when the companies put information by hand, and cross check each and every delivery. Now they can make use of the ERP and track each product, the delivery etc
Now ERP can handle all the core duties of the human resources like payroll, hiring and other responsibilities. Moreover with ERP everything is more properly streamlined like the employee management.
he integration of ERP into manufacturing companies has revolutionized the business. For instance, if there is some car model and the software can keep track of each and every nut and bolt and the software if enabled can put the minimum order by itself to the vendors to keep the things going. The cost management can be done along with the product planning.
The touch of Artificial Intelligence, is giving the world class comfort to the retailers and e-commerce companies, as the ERP now helps to provide more customized experience to customers and increase the business.
The software gives you the dashboards and lot of information gets updated by the AI part of the software. These valuable insights will give the power of decision making in terms of finance.
Few examples of ERP
As we have already discussed, ERP is very important for companies to track and plan their resources.
One such software is Epicor and it very useful where the companies make the products first, then move those products to finally sell. The products can be related with everyone’s needs. Mostly those companies are involved whose are related with the distribution & manufacturing.
Salesforce is a California based American cloud based software company. It provides software for different categories like Customer Relationship Management (CRM), various applications based on Sales, Customer Service, Analytics, and on marketing automation as well. More broadly it showcase itself as platform as the service (PaaS).
Top 10 ERP Vendors
If we take a look through out the world then the ERP software vendors are in demand and the market share of the global ERP application market has increased to 33%. The vendors are aggregating the revenues to these software providers in terms of licence maintenance and their subscriptions. More precisely the ERP application market includes Financial Management ERP, Operations Management ERP and more.
The top 10 ERP vendors are: SAP, Oracle, Intuit Inc, FIS Global, Microsoft, ConstellationSoftware Inc, IQVIA, Cox Automotive, Infor, Sage. Mostly the firms like Walmart, Exxon Mobil, Apple, McKesson, CVS Health, AmerisourceBergen, Chevron, Ford Motor, General Motors, Costco Wholesale, Alphabet are using SAP S/4 HANA ERP, while Berkshire Hathaway uses Oracle ERP cloud, and AT&T uses SAP ERP ECC 6.0.