Enterprise Resource Planning [ERP] is a widely used system across all organizations regardless the size. The need for making rapid decision based on the analysis of the complex data lead to the use of ERP systems. In the beginning ERP systems were limited to large organizations. Later this trend has changed with the advent of open source ERP systems. With its added advantage, it started to take over the confidence across small, medium and large sized industries. There are lots of open source ERP systems currently available in the market. OpenERP is one of the prominent system. The beauty of framework, the open source technologies which they used in the system makes the OpenERP unique and efficient. By drawing a detailed comparison between OpenERP and other prominent ERP system, it became very clear that OpenERP meets the expectation above its competitors. And with the introduction of Odoo/OpenERP 8.0, the OpenERP have taken the ERP system to new dimension. They have incorporated a CMS, an e-commerce system and added business intelligence to the new system. But at the same time, the complexity of the system has risen which should be analyzed and addressed accordingly and that the current user should have compatibility to upgrade to new version.