Enterprise resource planning (ERP) systems integrate core business functions like finance, manufacturing, sales, and human resources by sharing common data across various departments. ERP implementation involves several phases including project planning, gap analysis, business process reengineering, configuration, testing, training, go-live, and post-implementation support. While ERP requires large upfront costs and time for implementation, it provides benefits like reduced costs, improved customer satisfaction, and increased flexibility through integrated business processes and data. Major ERP vendors include SAP, which is a market leader with various application modules used by over 80% of Fortune 500 companies.