According to Webopedia, Enterprise Resource Planning or ERP is a business management system that incorporates into a cohesive whole all the components of the business endeavor such as planning, manufacturing, sales, and marketing. This business management system helps business managers in such stages as inventory, order, audit, billing, customer service, finance, and human resources. In other words, ERP is an information system that covers the entire enterprise and is designed to coordinate, relay, and complete the business processes of the business enterprise.

Most of these business solutions come in the form of computer program software that has a common database and modular design. The ERP system is maintained in a single database which is ideally integrated and interactive for purposes of data input, storage, processing, consulting, referencing, and retrieval. The information should be authentic, verifiable, and accessible. A third-party consulting company is usually hired to implement the ERP system for the company. This consulting company provides professional services in business solutions consulting, customization of the modular software, and support services.

Data transfer and data exchange are what happen in ERP systems. The ERP systems thrive well if data migration is successful. Good data transfer and exchange strategies spell the success of the ERP implementation. These strategies include identifying the data to be migrated, determining the timing of data migration, and deciding on data archiving, among others (Ramaswamy, 2007).

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Via TechFAQ