Gracious Industries is a private limited company with 35 employees and sales revenue of more than$10.5 million during the past year. It has been in business for over 40 years and supplies electronicparts to a number of different businesses, including hardware stores and supermarket. The companyhas experienced a growth in orders over the last few years for some of its new green product ranges.However, Gracious has recently lost some key accounts because of being unable to produce some ofits products at a competitive price.Although the company hired an accountant who was keeping their books for them and producing thefinancial statements each year, the company thought they needed much more information to runtheir business efficiently. They felt that they needed to make an investment in an accountingsoftware to take their business to the next level.RequiredYou are required to prepare a report to evaluate and recommend an Enterprise Resource Planning(ERP) system for Gracious Industries. The report should include the following components:? Business requirementso What are the key business processes for Gracious Industries?o What are the major control risks for the business processes of the company?? Systems requirementso What are some of the possible ERP features and functionalities that the companyshould consider to achieve their business objectives and minimise the control risks?? Software selectiono Visit the websites of at least three (3) ERP vendors and provide a brief description ofeach vendor and its products.? Vendor selectiono Compare and contrast the features and functionalities of two ERP software packagesoffered by the three vendors described in the report.o Which one would be the most suitable vendor and ERP software package for thecompany and why?