Introduction to ERP Systems

Question 1

It is a software systems that is used by the organizations to manage and integrate the important parts of the business.

Answer 1

Enterprise Resource Planning

Question 2

It is also a practice of consolidating an enterprise’s planning, manufacturing, sales, and marketing efforts into one management system.

Answer 2

Enterprise Resource Planning

Question 3

What is ERP?

Answer 3

1. It can integrate all the processes that are needed to run a company.
2. It improves efficiency, better reporting, and enhanced data security.
3. These system can be customized according to the specific needs of the different industries.
4. ERP systems are crucial for large corporations.

(IIEBREDSCC)

Question 4

Before an ERP system

Answer 4

they were different databases of different departments which they managed on their own.

Question 5

Before an ERP system

Answer 5

the employees of one department does not know anything about the other department.

Question 6

After an ERP system

Answer 6

different databases of different departments are managed by one (1) system (which is the ERP system)

Question 7

After an ERP system

Answer 7

It keep tracks of all the databases within the system.

Question 8

After an ERP system

Answer 8

Employees of (1) department have information regarding the different departments because they are controlled by one system (ERP).

Question 8

It is an ERP system that is used to manage financial transactions, provide financial statements (such as the balance sheet, income statement, etc), manage company’s tangible and intangible assets, and track money owned by and to the organization.

-manage financial transactions
-provide financial statements
-manage company’s tangible and intangible assets
-track money by and to the organization

(MPMT)

Answer 8

FINANCIAL MANAGEMENT

Question 8

It is an ERP system that helps to monitor stock levels, track inventory management, manage the movement of goods, and automate the purchasing process.

-monitor stock levels
-track inventory system
-manage the movement of goods
-automate the purchasing process

(MTMA)

Answer 8

SUPPLY CHAIN MANAGEMENT

Question 8

It is an ERP system that is used to manage the employee records, automate payroll processing, and manage the recruitment and onboarding.

-manage employee records
-automate payroll processing
-manage recruitment and onboarding

(MAM)

Answer 8

HUMAN RESOURCES

Question 9

It is an ERP system that helps in sales automation, automate marketing campaigns, track customer interaction, and improve customer satisfaction.

-sales automation
-automate marketing campaigns
-track customer interaction
-improve customer satisfaction

(SATI)

Answer 9

CUSTOMER-RELATIONSHIP MANAGEMENT

Question 10

It is an ERP system that support project planning and scheduling, and monitor project time and expenses for accurate cost estimation.

-support project planning and scheduling
-monitor project time and expenses for accurate cost estimation

(SM)

Answer 10

PROJECT MANAGEMENT

Question 11

It is an ERP system that is used in production planning, list all the raw materials needed in the product manufacture, and monitor production process.

-production planning
-list all the raw materials needed in the product manufacture
-monitor the production process

(PLM)

Answer 11

MANUFACTURING

Question 12

It is critical for modern businesses and organizations.

Answer 12

Enterprise Resource Planning

Question 13

What are the importance of ERP?

Answer 13

-Reduced Manual Work
-Improves Efficiency
-Up-to-date Information
-Fosters Collaboration
-Reduced Operational Costs
-Integrates CRM
-Tracks KPIs

Question 14

ERP systems help to ____________, thus freeing up employees for more strategic activities.

Answer 14

Reduced Manual Work

Question 15

ERP systems help to _____________ by integrating different business processes and ensuring smooth operations.

Answer 15

Improves Efficiency

Question 16

It provides real-time data enabling timely and improved decisions.

Answer 16

Up-to-date Information

Question 17

ERP system ensures that all teams work in the same data thus reduced misunderstanding.

Answer 17

Fosters Collaboration

Question 18

ERP system helps in cost saving by streamlining the processes and by improving productivity.

Answer 18

Reduced Operational Costs

Question 19

ERP systems helps in manage customer interaction and improves customer satisfaction.

Answer 19

Integrate CRM

Question 20

ERP systems allow for better performance management by tracking KPIs and other metrics.

Answer 20

Tracks KPIs

Question 21

Material Requirement Planning (MRP) were introduced that were focused on inventory management and production planning

Answer 21

1960s - Beginning

Question 22

MRP were introduced with few additional manufacturing process such as capacity planning, shop floor control, and quality management.

Answer 22

1970s - MRP Expansion

Question 23

ERP is introduced which integrated various business functions like finance, HR, and procurement into (1) system. Relational Databases also were introduced with improved data storage and retrieval.

Answer 23

1980s - Introduction to ERP

Question 24

Shift from mainframe to client-server architecture. ERP systems also become more customizable during this era.

Answer 24

1990s - Growth and Adoption

Question 25

ERP systems enabled remote access and cloud-based solutions. This also started the emergence of SAAs ERP solutions offering lower initial costs and easier maintenance.

Answer 25

2000s - Web-based ERP

Question 26

Widespread adoption of cloud-based ERP solutions. Mobile apps and mobile-friendly ERP interfaces were introduced.

Answer 26

2010s - Cloud and Mobile ERP

Question 27

-Integration of AI and ML in ERP systems for predictive analysis and enhanced decision making -Introduction of Block Chain Technology in ERP transactions enhanced security and transparency of transactions -Use of IoT devices in ERP systems for real-time data collection and monitoring

Answer 27

2020s - Intelligent ERP