Enterprise resource planning (ERP) markets help businesses, as well as nonprofits and government agencies, increase productivity. ERP applications are information systems that bind closely various corporate functions, including human resources, finance and inventory management, while enabling a company to efficiently manage its customers and suppliers.
Definition
The ERP market is a global exchange in which software providers and support technicians sell enterprise resource management software to businesses. The market is global in nature and includes businesses of all sizes, according to ERPWwire.com, an online ERP resources provider.
Significance
The ERP market plays a key role not only in corporate decision-making processes but in global transactions. A company may be at a competitive disadvantage if it cannot find adequate resource planning applications to boost competitiveness and improve operating processes in the short and long terms, according to CIO Magazine, an information technology publication.
Participants
ERP market participants vary by economic stature, industry and operating strategy, notes CIO Magazine. Large organizations typically purchase ERP software with broad applicability, including corporate fields such as accounting, finance, human resources management, sales and purchasing management. Smaller clients, however, buy limited-scope resource planning software for operating needs.