ERP stands for Enterprise Resource Planning. It is integrated business management software that allows an organization to manage resources like money, employees, and equipment according to its business processes, technology, and plans. ERP software integrates key business functions like procurement, manufacturing, sales, inventory management, and finance into a single system. It provides benefits like standardized operations, reduced costs, improved customer service, and enhanced competitive position. New developments in ERP include web-based and wireless systems as well as linkages to other software like supply chain and customer relationship management programs.