Click on any of the following terms to reveal an explanation or definition.
ERP is an acronym for Enterprise Resource Planning. Think about all of the various processes that are essential to running a business, including inventory and order management, accounting & financials, human resources, customer relationship management (CRM), and beyond.
At its most basic level, ERP software integrates these various functions into one complete system to streamline processes and information across the entire organization. ERP software helps to eliminate redundant processes and systems, lowering the cost of doing business overall.
The central feature of all ERP systems is a shared database that supports multiple functions used by different business units. In practice, this means that employees in different divisions—for example, accounting and sales—can rely on the same information for their specific needs.
Even though the “e” in ERP stands for “enterprise,” small to mid-sized companies are now adopting ERP systems.
Software-as-a-Service (SaaS) solutions—also referred to as “cloud computing“—have helped fuel this growth.
Cloud-based solutions not only make ERP software more affordable, they also make these systems easier to implement and manage.
Cloud ERP enables real-time reporting and business intelligence, making them valuable to executives and staff seeking visibility into the business.
Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, human resources (HR) or accounting, to a third-party service provider.
Many businesses, from small startups to large companies, choose to outsource processes as new and innovative services are being offered in an ever-changing, highly competitive business climate.
Because BPO often depends on necessary technology and infrastructure that allows external companies to efficiently perform their roles, it is frequently referred to as technology-enabled services (ITES).