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Why are ERP systems worth their cost

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Question - ERP, also known as enterprise resource planning, has always had deep roots in the manufacturing sector. The term was originally used to describe the MRP systems of the 1990s that were also able to manage things like accounting, human resources and more. But in the 40 or so years since the term was coined, the ERP industry has undergone major changes. This has prompted many professionals to ask the question, "What industries use ERP software?"

The various types of industries are still well catered to by ERP software, with manufacturing ERP vendors often creating specific products for specialized industries, but in recent years, ERP has also branched out to support industries only partly related to manufacturing, and in some cases, completely unrelated to the production of goods.

Required - Why are ERP systems worth their cost? That is, how do companies justify ERP investments? Discuss this making reference to three non-manufacturing industries: Health; Education and Hospitality.

Reference no: EM133033297

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