This essay discusses the importance of various business functions such as marketing, human resource management, financial management, production management, strategic management, operations management, and information technology. It emphasizes the need for a precise approach to business functions for the growth and development of a business entity.
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Table of Contents ESSAY.............................................................................................................................................3 Significance and importance of business functions........................................................................3 REFERENCES................................................................................................................................5
ESSAY Significance and importance of business functions In today's competitive world business functions are considered as major tasks and activities which are performed by a business entity in order to compete at the marketplace. The business functions are controlled by major departments which are headed by professional supervisors. It is essential for a business to focus on business functions to develop a precise approach at the marketplace(Albertoni, 2017). The marketing and human resource management are considered as two important business functions which are helpful in generating revenue for a business. Human resource management is helpful in managing large and different number of employees. The management of culture is also performed by human resource management which is also very helpful in increasing competitive strength of the company. Financial management is the major element of a business functions which is responsible for maintaining major financial transactions of a business. It is important for a company to hire professional marketing management for development of accounting department. The production management is also responsible for increasing sales turnover of a company and is considered as major business function of a company(Bauer, 2017). Strategic management is also considered as major part of business which is responsible for business development and planning. A business entitymust hire professional strategic management in order to develop different aspects of business and minimise risk for the organisation. Another very important business function is operations management which is related to handling labour and human capital. The operations management is responsible for business development as well as for converting different raw materials and goods into final output. The business entity must develop a critical approach which is helpful in development of major business functions. In recent times information and technology has also emerged as a major business function which uses advance software and computer systems to regulate different major operations of a business. The business entity must also hire professional strategic management to plan anddevelop differentaspectsof businessin a precisemanner(Carlo, 2019). It is compulsoryfor abusinesstodevelopdifferentculturerelatedaspectsfor organisational development. Most of the major companies at the marketplace are involved in development of precise business strategy to gain growth at the marketplace. In recent times major companies
focus on expanding business operations in global market. In expanding business in global market there is a major role of marketing management(MATHEW, 2018). The marketing management also increase sales and turnover of a company and is helpful in attracting large number of customers from the marketplace. In recent times due to increase in competition and global pandemic there is a need of training employees with the help of skilled management. Business functions therefore are important part of a business entity which are helpful in overall development and growth of a business. It is the major responsibility of top level management to provide effective and efficient staff to business organisation for business development(Rahmi, 2018). Business functions should be also attached with information and technology in order to perform accurate and fast operations.
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REFERENCES Books and Journals Albertoni, F., Elia, S. and Piscitello, L., 2017. Complementing the reshoring of manufacturing activities: the relocation of business functions. InReshoring of Manufacturing(pp. 57- 75). Springer, Cham. Bauer, W., Schlund, S. and Vocke, C., 2017, July. Working life within a hybrid world–how digital transformation and agile structures affect human functions and increase quality of work and business performance. InInternational Conference on Applied Human Factors and Ergonomics(pp. 3-10). Springer, Cham. Carlo, A., 2019. Business Functions Involved In Complaints Management.Banca Impresa Società , (2), pp.259-268. MATHEW,A.V.,SCOPEOFINTERFACINGCROSS-FUNCTIONALBUSINESS FUNCTIONS FOR HIGHER SUCCESS: HR AND MARKETING.Journal of Cross- functional Business Research (JCBR), p.70. Rahmi, A.U. and Rufaidah, P., 2018, December. The Effect of Key Success Factors Based on Business Functions on Competitive Advantage. InJournal of International Conference Proceedings (JICP)(Vol. 1, No. 2).