WHAT IS ERP AND WHY IS IT IMPORTANT FOR BUSINESSES? ERP: Software called ERP (Enterprise Resource Planning) is used to coordinate and manage a variety of operational tasks within a company. ERP software has the best security system to keep all of your company’s data, including employee, financial, and other important information. Daily business tasks that require manual labor may be difficult. As a result, businesses can automate their business processes with the appropriate ERP system. In the past, large-scale businesses used cloud-based ERP software more frequently (enterprises). However, SMEs are now also embracing it. We will go into more detail about what integrated ERP software is in this article, including its definition, types, applications for businesses, and a formula for calculating the cost of the software. HISTORY: Although the Gartner Group first coined the term ERP in 1990, the idea has actually been around since the 1960s. It was only used at the time for manufacturing industry inventory management and control. Programs were developed by software engineers to track inventory, balance accounts, and report status. The program had developed into Material Requirements Planning (MRP) systems by the 1970s, which were used to schedule production procedures. The goal of expanding MRP in the 1980s was to include more manufacturing processes, which resulted in MRP-II, or Material Resource Planning. By 1990, the systems could perform back-office tasks like managing finances, projects, engineering, and human resources in addition to inventory control and other operational tasks. Gartner Group updated ERP in the 2000s by publishing Enterprise Resource Planning II. The systems’ high level of flexibility enables users to manage their businesses from any location at any time. These days, SMEs are increasingly requesting cloud-based ERP systems because of their higher levels of mobility and lower costs. To find out the approximate cost, download the ERP software…