Enterprise Resource Planning (ERP), is a modus operandi that uses computer technology to associate varied and different functions, such as accounting, inventory control as well as human resources throughout the company as well as also assists in information sharing, business planning and decision making of a business.
ERP systems have been perfected and advanced to give emphasis to smaller business/companies by developing web-enabled systems and also by increasing their contribution towards them and as such the small businesses have been benefitted a lot by ERP, such as- it gets 24×7 assistance as the information provided are accessible wherever and whenever required. Furthermore, ERP offers competitive pricing which is fundamental for earning profit as well as also helps in deciding the best price that a company can offer to its customer for increasing the sales.
ERP system provides powerful customer relationship and, at the same time helps in resolving the queries of the customer to give them satisfaction and confidence to automate their functions to develop faster. ERP can also be advantageous to the companies in finding for the best design process as well as in order tracking, i.e., to say when a company receives orders for a product, being able to properly track the orders can allow the company to get the detailed information on their customers as well as on their marketing strategies.
Lastly, the most important aspect of ERP for small business is its accounting applications. Moreover, as all the data is integrated in one place, it saves both, time as well as money for which the small businesses can rely upon.