Importance of Different Business Functions in an Organisation
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Added on 2023/06/17
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This article discusses the importance of different business functions like marketing, finance, operations, and human resource in an organisation. It explains how these functions work together to achieve goals and objectives. The article also highlights the responsibilities of each function and their interconnectivity.
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Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY..................................................................................................................................3 CONCLUSION................................................................................................................................4 REFERNCES...................................................................................................................................5
INTRODUCTION There are different business functions in an organisation like, marketing, finance, operations and human resource (Avci, 2021). All the functions are working together to accomplish goals and objectives of company. MAIN BODY Importance of different business functions Business functions are important because it helps in taking correct decision and better plans can be made for achieving goals and objectives of organisation. It is essential to make plans so that work can be done on time and it helps in growth and development of firm. There are different business functions like, marketing, finance, operations and human resource. When all these functions are working together then it helps in completing work on time and better products can be provided to people. When all these functions are working properly then work is managed and profit can be earned by company. It is essential to make plans properly so that work can be completed on time. For successful organisation it is essential that all these functions work together and focus on achieving goals and objectives of company (Heikkilä, Kaipia and Ojala, 2018). Marketing-marketing plays a crucial role in an organisation because it helps in attracting people by providing them relevant information and goals of organisation can be accomplished. Marketing is one of the essential function of company as it helps in providing relevant information to people and more people are attracted. Advantages of marketing are, it facilitates exchange in the ownership and possession of goods and services, helps in optimum utilisation of resources, increases sales of company because people are attracted. Marketing is beneficial for growth and development of firm as it provides details to customers about new product. Marketing manager is conducting market analysis and making plans accordingly so that people can be attracted and helps in generating more revenue. Finance-another function of organisation is finance. In every business or firm, funds are required and it is the responsibility of finance manager to manage funds and arrange funds in advance so that work can be completed on time. It is essential to make budgets and finance manager should interact with other departments so that they can know how much fund is required and make arrangement accordingly so that targets can be accomplished.
Operations –this is another function in an organisation which is responsible for handling production department. Operation manager are making plans to reduce wastage of resources and lower operating costs. They are making plans for employees so that resources can be used efficiently and interact with finance manager when funds are required. for providing training to employees they are interacting with HR manager (Macchi, Savino and Roda, 2020). Human resources –human resource is one of the important department because they are handling all the activities and recruiting right person for the company. They are interacting with all the other departments for providing training and development programs to employees, deciding compensation of employees. CONCLUSION From the above discussion it can be concluded that, there are different business functions in an organisation such as, marketing, finance, operations and human resource. All the functions are interconnected with each other and working together so that goals and objectives can be accomplished.
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REFERNCES Books and Journals Avci,P.,2021.StructuresandFunctionsofHoldingCompaniesinDifferentCountries. InHandbook of Research on Financial Management During Economic Downturn and Recovery(pp. 41-57). IGI Global. Heikkilä, J., Kaipia, R. and Ojala, M., 2018. Purchasing category management: providing integration between purchasing and other business functions.International Journal of Procurement Management.11(5). pp.533-550. Macchi, M., Savino, M. and Roda, I., 2020. Analysing the support of sustainability within the manufacturingstrategythroughmultipleperspectivesofdifferentbusiness functions.Journal of Cleaner Production.258. p.120771.