The acronym ERP stands for Enterprise Resource Planning. ERP is a type of software that organizations use to manage their day-to-day activities, integrating core business processes such as finance, human resources, and sales. An ERP system consolidates data across different departments, providing a centralized source of information. This integration improves operational efficiency, enhances decision-making, and facilitates better collaboration among teams. Major ERP vendors include SAP, Oracle, and Microsoft Dynamics, which help businesses streamline processes and optimize resource management.