Enterprise Resource Planning (ERP) Short Paper

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Computer Science

Description

Using scholarly material, explain how Enterprise Resource Planning (ERP) Systems mitigate risk and assist in organizational decision making. In addition, explain why mitigating risk and making better decisions are essential to operational efficiency.

The paper must following the formatting guidelines in The Publication Manual of the American Psychological Association (2010), (6th ed., 7th printing), and contain a title page, four references, three to five pages of content, and a reference page.

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Explanation & Answer

Hello, kindly find the attached completed work. Thank You.

Running head: ERP SYSTEMS

1

Enterprise resource planning (ERP) systems
Name
Institution of Affiliation
Professor
Course
Date

ERP SYSTEMS

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An ERP system is a software of management used by companies and business
organizations to manage the business’ most crucial parts which include inventory management,
planning, financial management and HR management. An ERP system ensures that the above
components are integrated into a single databank for the business to run smoothly. Over time,
several software apps have been developed for helping companies in implementing Enterprise
Resource Planning (Sakhare & Anupama, 2015). This paper seeks to address how ERP systems
are used in the process of assisting business organizations to make decisions and mitigate
associated risks. Also, the paper will provide a detailed explanation of the importance of
reducing risk and making better decisions towards operational efficiency.
Risk mitigation
Mitigation of risks is the process of lessening the consequences that are associated with
an absolute risk. Risk mitigation is also referred to as risk reduction. According to Sumner
(2014), ERP is a crucial component when it comes to reducing risks that a business organization
may be exposed to. Software applications have been developed in the past and continue being
developed t...


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