Gartner defines cloud enterprise resource planning (ERP) for product-centric enterprises as a market for application technology that supports the automation of operational activities for the manufacturing, distribution, delivery and servicing of goods. Cloud ERP for product-centric enterprises is delivered under a SaaS license model (with frequent mandatory updates), where application support, infrastructure provisioning and management are the responsibility of the vendor.
Gartner defines the market for cloud ERP for service-centric enterprises as a market for application technology that supports the automation of operational activities for service-centric (nonproduct) industries, including financial management, order-to-cash, source-to-pay, human capital management and other administrative capabilities. Cloud ERP for service-centric enterprises is delivered under a SaaS license model (with frequent mandatory updates), where application support, infrastructure provisioning and management are the responsibility of the vendor.
Gartner defines ERP finance as a cloud-based application that enables organizations to manage a wide range of transactional financial processes including, but not limited to, general ledger, accounts payable and accounts receivable. The application serves as the system of record for finance that generates and stores accounting entries in accordance with accounting standards, facilitating the production of accurate financial statements and disclosures. It supplies finance with transactional and financial reports to support daily operations and provide insights into the financial health of the organization.
Material Requirements Planning (MRP) software is a tool used by manufacturing and production companies to help manage and optimize their production planning, inventory control, and procurement processes. It helps businesses forecast demand so that they have the right amount of materials at the right time to meet their production schedules while minimizing inventory costs. MRP software achieves this by analyzing production schedules, inventory levels, and bill of materials (BOM) to calculate the required materials and the timing for ordering them. It can also track material orders, production processes, and delivery schedules to ensure that production runs smoothly and efficiently. This software is essential for manufacturers looking to improve their production efficiency, reduce waste, and manage resources more effectively.