ERP stands for Enterprise Resource Planning. It is a business solution that integrates all departments and functions across a company onto a single computer system. The key objectives of ERP are to facilitate integrated information sharing, perform core business functions to increase customer service, and organize and optimize data input. ERP enables companies to systematically look at processes, optimize workflows, adapt to new technologies, and ensure discipline across functions. It addresses challenges like manufacturing globally, introducing new products faster, and satisfying customer demands. ERP provides benefits like enhanced profitability, healthy operations through integrated systems, better customer service, and the ability to face competition through efficient processes.