An ERP system provides an integrated real-time view of a company's core business processes, allowing for improved visibility, workflow, and reporting across departments. It tracks resources, commitments, and transactions throughout the organization. While ERP implementation is complex and costly, it can streamline operations and provide benefits like centralized data storage, enhanced collaboration, and improved order tracking if implemented successfully. However, customization challenges, high costs, user training needs, and vendor lock-in are disadvantages to consider.