Role and Importance of Different Organizational Departments and Operations

This article discusses the role and importance of different departments within an organization, such as human resources, marketing, and finance. It also highlights the significance of collaborative and team working practices. Additionally, it explores the importance of financial management and reporting within the organization.

Business and financial management
within the organizations.

EXECUTIVE SUMMARY
Business studies has important part of the company which has provided the important
documents of financial statements. The report has covered role of Human resource, marketing
and finance departments in ASDA company. This has explained importance of team working and
collaborative working practices for growth of company. This helped to solve problems by
breaking down problems in the smallest part. Financial management and reporting had important
to prepare by company in order to check costs and revenue of ASDA as well as competitive
performance.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Role and importance of different organizational department and operations........................4
Understanding the role of collaborative and team working practices....................................6
Important of management of finance and purpose of reporting within the ASDA. ..............7
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Business studies is the academic which is taught in university level in many countries. It
is the combination of finance, accountancy, marketing, organizational and economics studies.
The report is based on “ASDA” company which is British multinational supermarket chain. The
company was founded in 1949 with ample numbers of products and services. A company have
165000 numbers of employees with 633 number of location. A report will describe the role and
importance of different departments within the organization. Here will also understand the role
of teamwork and its importance for company. At the end of report will highlight role of financial
management and reporting within the organization.
MAIN BODY
Role and importance of different organizational department and operations.
There are various functions which are highly important for company because this will
provide a proper guidance of work within the organization (Crowther, 2018). the organizational
function are the core business function which are complete for hiring business in effective
manner. The organization is include operations, marketing, human resources, information
technology, customers services, finance and warehousing of products. Those functions are plays
an important role within the company are as follows:
Human resources:
Human resources department is the backbone of the company which is handles a range of
various functions within the organization. Human resource manager oversee the most important
component of a successful business and creating hire level of productivity. This department is
responsible for hiring and firing employees, organize training session, maintaining internal
relationship and employment law (Holvikivi, Lakkala and Muukkonen, 2016). This creates
various opportunities for organization by hiring talented employees for vacant post in effective
manner. Human resource works diligently behind the proper scenes for ensuring about
organization run effectively. This department have various duties which will varies between
various companies. This department is highly important for companies in effective manner.
Importance of human resource department are as follows:
 This improves company and its bottom line employees by proper knowledge of human
resource management and capital which affects organization success.

 This is important because they create compensation structure which sets company wages
competitive with other businesses in area (Chand, 2019).
 Department is analysis the benefits decrease the cost of company.
Marketing:
The marketing department is plays an important role within the organization. Marketing
department's has job and role to reach out for protecting customers, investors and community
while creating effective brand image at market place. This department have various
responsibility within the organizations like lighting to customers needs, track trends, create work
and brand value, searching new marketing tools as well as communicate with the rest of
company. This department is very important for organization (The 10 responsibilities of
marketing departments, 2016). Those importances are as follows:
 This is highly important because they are understood the needs and wants of customers.
 This improves product and services in order to satisfy customers needs.
 Expand the techniques to reach the potential customers.
Finance:
Finance department is very important part of company manages its money. Functions of
finance departments are includes planning, accounting, controlling and organizing the data. This
department is usually produced company and its financial statements. This is very effective and
valuable for company to meet the advantages. This plays a very important and effective role
within the organizations. Finance department is provides accounting services as well as manage
funds of company (What is the importance of Financial Management?, 2018). It is responsible
for maintain records of accounts, paying expenses, billing customers, tracking assets and
expenditures, managing payroll and keeping tax documents. Importances of finance departments
are as follows:
 This is important because it helps to make proper planning of finance.
 This assists planning and acquisition of funds.
Those the roles and importance of HR, marketing and finance department within the
organization. This creates more effectiveness for company in effective manner.
Understanding the role of collaborative and team working practices.
Collaboration is most important and effective part of company which reflects the hire
effectiveness for company. In that employees are make hire and effective strategy to build proper

collaboration within the company. This is very important and effective for company. The
teamwork is a combined action of group, especially when it is effective and efficient. This
creates more effectiveness for work by managing proper collaboration within the ASDA
(reasons why collaboration is important, 2018). This is the collaborative effort of a group in
order to achieve goals and objectives of company by completed allocated tasks in most effective
manner. This is the best concept within the greater framework of team where group
independently work together towards a common goal. This is a highly important and effective
for organization to build proper collaboration within the staff. The importance of collaborative
working within the organization are as follows:
 This is important for ASDA to solve problems in effective manner.
 This help to learn various thinks and knowledge which have to another people (Mitter
and Hiebl, 2017).
 With the collaborative working employees are able to break down barriers of company
proper manner.
 This provide higher effectiveness by come closer for build positive and relations between
employees because that is very important and effective for business and for its growth
factors (Lin and et.al., 2016).
 This will also give the equal opportunities to all employees and participate and
communicate their ideas with each other for better results of work.
Those are the importance of collaborative team working. This help to solve all issues and
problems by considering ideas of others (Mårtensson and Svärdsten, 2016). With the help of
these companies are highly able to provide equal opportunities to each employee of ASDA. For
that here is shows example of different departments work together and share information with
each other are as follows:
For example: The marketing and research & development department are work
together and share all the information with each other for achieving goals and objectives of
company n effective manner. For producing and design product and services, marketing
department requires needs and wants of customers. In that process they take help of research and
development department (Mavronicolas and Campbell, 2017). R&D department analysis the
whole market needs and collect information. Those collected informations with marketing
department for designing product as per needs of customers as per that both departments are

work together within the company for achieve common goals and objectives of company in
effective manner.
In respect of that, finance and human resource department of company are work
together within the organization (Nielsen and Pontoppidan, 2019). This creates more
effectiveness for work and managing reports of work. Both departments are share information
with each other for proper work. For transfers salary of employees finance department is take
help of human resource department. In that human resource make salary of employees by
keeping records of employees like absent, leaves and arriving time (Mayangsari, Murwaningsari
and Lastanti, 2018). Through that Human resource prepare salary details and share with finance
department and finance team transfers salaries in employees accounts. As per that finance
department have details of funds outflow and inflows or share with HR team to keeping records
and taking approvals from seniors. With the both departments are linked and perform with
proper collaboration in effective manner.
Important of management of finance and purpose of reporting within the ASDA.
Financial management and report both are important part of organization. Explanation
and importance of both are as follows:
Financial management:
financial management is very important part of company which reflects strategic
planning of company in effective manner. This provide higher and effective records of finance
and funds of company (Olson and et.al., 2018). this provide proper statement of work like cash
inflows and outflows of finds within the ASDA. The objectives of financial management is to
ensure about the funds which are available and required to ASDA. This help to company for
building capital structure decisions that involve identifying source of funds. This is important for
increasing overall value of firm or organization.
Reporting:
The significance of report which present adequate information on the various aspects of
ASDA. This included various information which are highly important for company to manage
their inventory and documents. This help to top line management for taking best decision. A rule
and balanced of report also helps in problem solving (Radu, Giju and Tăbîrcă, 2016). ASDA
must design and prepare report for implementing a comprehensive business intelligences
platform (Höglund and et.al., 2016). This plays a very important role within the organization for

critical analysis of financial reports and performance report and areas in which businesses are
doing well. This help to leaders plan and making effective strategic decisions. There are different
types of reports which are produce by ASDA which are explained are as follows: Balance sheet: It is the statement which is report of company that includes assets as well
as liabilities. This provides a basis for computing the rates of return and evaluate as per
requirements. This includes the assets, cash, marketable securities, prepaid expenses,
inventory, fixed assets and account receivable (Riel, 2019). The main purpose of
preparing and producing balance sheet is to reveal financial status of businesses. Profit and loss account: The profit and loss account is a the another financial statement
which summarizes revenue, costs and expenses. That are incurred during a specific
period. The main purpose to reflects the profit and loss of business over the financial year
in respective manner (Serrat, 2017). This creates more effectiveness for business to
maintain positive growth of company.
 Cash flow statement: Cash flow statement is prepared by ASDA to maintain outflows
and inflows of cash within the company (Zietlow and et.al., 2018). The main purpose of
cash flow statement is to identify and determine the needs and major cash flows
occurring during the same period.
Those are the important reports which are prepared by ASDA to maintain their accounts and
cash inflows and outflows of report in proper manner.
CONCLUSION
From the above study it had been concluded that the business and financial management
within the organization has more important. This has provided a proper and effective report of
company and competitive advantage. Human resource, marketing and finance function played an
important role within the organization for maintaining workforces and workflow of company.
The report had been helped to develop an understanding of collaborative and team working
practices within company. This helped to share all the important information with others in
effective manner by solving problems and issues which faced by organization. This has
demonstrated the knowledge of financial management and reporting which has produce by
company like profit and loss account, balance sheet and cash flow statement in respective
manner.

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ONLINE
7 reasons why collaboration is important. 2018. Online. Available through:
<https://blog.jostle.me/blog/why-collaboration-is-important>

The 10 responsibilities of marketing departments. 2016. Online. Available through:
<https://blog.saleslayer.com/10-responsibilities-marketing-departments>
What is the importance of Financial Management?. 2018. Online. Available through:
<https://www.lsbf.org.uk/blog/news/importance-of-financial-management/117410>