Lois&Loic Inc., a multinational company, has 56 offices all over North America with more than 800 employees. The organization’s accounting, purchases, sales, and employee payrollsare generated on separate systems. The organization finds it difficult to obtain the financial statements for tax purposes and the reports for shareholders at the end of a given fiscal period. Also, the employee incentivesare not processed as the financial data is scattered on different systems. Which of the following will help the organization in acquiring accurate, consistent, detailed, and up-to-date financial data?
a. A product life cycle management system
b. An enterprise resource planning system
c. A customer relationship management system
d. An emergency and safety management system
b. An enterprise resource planning system
An enterprise resource system is used to ensure that business transactions are processed efficiently and accurately and that the resulting information can be accessed by end users and managers in all business areas. Accurate, consistent, detailed, and up-to-date financial data is of the utmost importance in today’s fast-moving business environment. A well-implemented enterprise resource planning system enables rapid consolidation of financial data across multiple organizational units and countries because every business unit is using the same system and same database.
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