The acronym 'ERP' stands for Enterprise Resource Planning. It refers to integrated management software systems used by organizations to manage and automate core business processes. ERP systems consolidate various functions like finance, human resources, manufacturing, and supply chain into a unified system. This integration enables real-time data sharing and enhances decision-making by providing comprehensive insights across departments. By streamlining operations, ERP systems can improve efficiency, reduce costs, and facilitate better planning, ultimately contributing to an organization's growth and competitiveness.