ERP

Enterprise Resource Planning (ERP) consists of a few components such as Supply Chain Management (SCM), Customer Relationship Management (CRM), Financial Information Systems and Business intelligence (BI) which are all integrated together. ERP provides real-time information that can be used for transaction processing, coordinate activities, information sharing and collaboration between and among stakeholders of a company. Examples of ERP systems are SAP and Oracle.

Some of the rewards using ERP systems are:

1. Improved management decision making.

2. Improved financial management.

3. Customer retention and customer service.

4. Improve flexiblility and agility of the operations as well as decision making process.

5. Improved inventory management.

However, the risk of ERP systems are:

1. Higly complex systems and installation.

2. Expensive.

3. Requires higly trained staffs.

4. Lengthy and complicated implimentation process.

5. Benefits unrealized in a short term period.

Similarities & Differences
ERP, which is made out of a few subset components as mention above, Similarly with the rest of the systems are the ones that provide support to the operations of the company. All these enterprise-wide systems serves to simplify and make business processes more efficient. In addition to that, they also assist to automate business processes.

There are differences as well as each individual components helps out the specific business functions while ERP functions to provide support as a whole. Component such as CRM are usually front-end oriented while ERP is usually back-end oriented.

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