ERP covers finance, HR, distribution, manufacturing, procurement, service and supply chain. For this to work efficiently and effectively in a modern cloud environment, a common process, data, governance and security model is a prerequisite. This way, it ensures the flow of real-time information in business processes both inside as well as outside the company. iWhat I like about this definition is that it highlights not only functional aspects (the modules that must be present for it to be ERP) but also the foundational aspects, like integration, common processes, a single data model, and business processes.