Enterprise comes from the Greek word eidos, which means “dream”. And so it literally translates into “dream”. So you have heard the saying, “There’s no such thing as free money”. This saying is not exactly true because when someone starts a business enterprise, they will get into a lot of debt. Enterprise is synonymous with risk. Enterprise as in “risky business”.
When a corporation or a small business enterprise decides to implement enterprise resource planning, it is taking full advantage of their assets, talent, knowledge, and technology. Enterprise Resource Planning software is the tool used in conjunction with ERP applications to provide strategic direction and control over small business enterprises. Enterprise resource planning software is used to analyze data and information, map resource requirements, forecast future sales, and plan for staffing and inventory needs. These applications also deal with human resources, operations, and finance. Enterprise resource planning is a very important tool in today’s economy.
ERP is usually implemented with business intelligence tools such as Customer Relationship Management, or CRM, and is designed to support organizations that have enterprise systems. Business intelligence tools is another way of saying business intelligence. ERP has the ability to collect data and then analyze that data, which gives them the ability to make strategic decisions about inventory availability, demand forecasting, supplier selection, pricing, marketing plans, and more. ERP and business intelligence tools work hand-in-hand. Enterprise systems are designed to support the needs of the organization.