IDSC 3001: Topic #3 Study Guide

1. How flexible are Enterprise Resource Planning systems with other non-ERP systems/components and software?

• Modern ERP systems (especially cloud-based) are flexible through APIs and integration tools.

• Challenge: Integration with legacy or custom systems can be complex, costly, and time-consuming.

2. What are the functions an Enterprise Resource Planning Application perform?

• Unifies business processes into a single system.

• Key functions include:

  • Finance & Accounting

  • Human Resources (HR)

  • Supply Chain & Procurement

  • Customer Relationship/Data Management

  • Real-time Reporting & Analytics

3. What are the strengths and challenges with Enterprise Applications, like an ERP system?

Strengths:

• Single, centralized database

• Streamlined business processes

• Improved compliance

• Better decision-making

Challenges:

• High cost of implementation

• Complexity in setup and integration

• Requires user training

• Resistance to organizational change

4. What value does a firm receive when using an Enterprise Resource Planning System?

• Real-time global view of operations

• Reduced errors and duplication

• Workflow automation

• Stronger compliance

• Better decision-making with reliable, consistent data

5. How is data stored, configured, and processed when using an Enterprise application?

• Storage: Centralized, shared database

• Configuration: Structured for multiple departments

• Processing: Simultaneous access across functions → ensures a single source of truth

6. What are some of the most common Enterprise Resource Planning platforms?

• SAP

• Oracle

• Microsoft

• Intuit

• Constellation

7. What benefit do suppliers and sellers gain from their Supply Chain Management systems?

For suppliers & sellers:

• Better visibility and coordination

• Improved forecasting & logistics

• Reduced costs and waste

• Enhanced customer satisfaction

8. What value does a Digital Twin offer a business?

• Virtual simulations of real-world systems

• Enables testing, monitoring, and predictive maintenance

• Reduces downtime

• Supports innovation and efficiency

9. What is Blockchain and how does it work?

• Definition: Decentralized digital ledger

• How it works: Transactions recorded in linked “blocks” across a distributed network

• Key Benefits: Security, transparency, and trust without central authority