ERP stands for Enterprise Resource Planning. It is a business management system that integrates all departments and functions of a company, including planning, manufacturing, quality, maintenance, sales and marketing onto a single computer system. ERP systems typically include features like operating in real-time with a common database, consistent interface across modules, and installation without extensive IT integration. While originally made for manufacturers, ERP systems are now customized for different industries. Implementing ERP requires assessing fit with business processes and has a total cost of ownership that varies depending on company size.