What is ERP System? (Enterprise Resource Planning)

Summary

ERP, or Enterprise Resource Planning, has been a key tool for businesses since the 90s, helping streamline processes in finance, project management, and manufacturing. However, the cost and security limitations of on-premise ERP led to the rise of cloud-based ERP systems. ERP cloud solutions, like Oracle ERP Cloud, offer more affordable alternatives, reducing the need for additional IT infrastructure while enhancing cost savings, business insights, collaboration, and efficiency. Oracle ERP Cloud is designed to meet modern demands, delivering end-to-end process visibility and speed at a lower cost.

Takeaways

• 😀 ERP stands for Enterprise Resource Planning, and it has been used by companies since the 90s to streamline operations.
• 😀 ERP helps improve data visibility across critical business areas like finance, project management, and manufacturing.
• 😀 The cost of on-premise ERP solutions increased over time, making them less accessible for businesses.
• 😀 On-premise ERP couldn't keep up with modern security demands or technology trends.
• 😀 The evolution of ERP led to the creation of ERP Cloud, which offers a more affordable solution for businesses.
• 😀 ERP Cloud eliminates the need for expensive software, hardware, or additional IT staff, lowering overall costs.
• 😀 ERP Cloud benefits organizations of all sizes and industries, helping them make significant cost savings.
• 😀 ERP Cloud improves business insight, enhances collaboration, and increases operational efficiency.
• 😀 Oracle ERP Cloud is designed for the digital age, offering end-to-end process visibility and speed.
• 😀 The ERP Cloud provides organizations with better functionality and security compared to traditional on-premise systems.
• 😀 With Oracle ERP Cloud, businesses can access a lower-cost alternative to traditional ERP solutions while benefiting from advanced features.

Q & A

What does ERP stand for?

ERP stands for Enterprise Resource Planning.

How long have companies relied on ERP?

Companies have relied on ERP since the 1990s.

What are some areas that ERP helps streamline?

ERP helps streamline processes around finance, project management, and manufacturing.

Why did the cost of ERP ownership increase significantly?

The cost of ERP ownership increased due to the need for on-premise software, hardware, and additional IT staff, which became expensive over time.

What was a limitation of on-premise ERP systems?

On-premise ERP systems couldn't keep up with modern security demands or technology trends.

How has ERP evolved over time?

ERP has evolved to embrace the Internet, offering new features and functionality, transitioning to ERP cloud solutions.

What is ERP cloud and how does it help businesses?

ERP cloud is a more affordable alternative to traditional ERP as it eliminates the need for software, hardware, and additional IT staff, making it accessible to businesses of all sizes.

What are some benefits of ERP cloud for businesses?

ERP cloud enables businesses to make significant cost savings, improve business insight, enhance collaboration, and increase efficiency.

Which company offers ERP cloud services?

Oracle offers ERP cloud services.

What does Oracle ERP cloud promise?

Oracle ERP cloud promises end-to-end process visibility, speed, and a lower cost, built for the digital age.