Importance of different Business Functions for Success

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Business functions

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Importance of different business functions for the success of the organization
In an organization, it is important to demonstrate the different business functions effectively. The
different business functions help in ensuring to provide the proper functioning of the business.
Core business functions help in generating incomes and drive the value of the enterprise. The
various business functions are marketing, Human resources, operations, finance, and accounting.
The role of marketing in business is the process of goods and services for the consumers to
satisfy the needs and wants of the producers as well as consumers. The marketing function
creates a process through which producers and consumers can establish exchange relationships
and transfer ownership (Farndale, et al., 2010).
Human resources are the main department for organizations with a large number of employees
and they are responsible for attracting talent and screen potential candidates and manage the
relations with employees. HR is considered as important aspect and asset of the organization
which is responsible to recruit the right candidate to fulfill the position and providing the training
to the employees for success and development (Morgan, 2012).
Finance and accounting function includes the collection, recording, presenting and analyzing the
financial data. In the finance function, the management of money is required for the operations
of the business and making the decisions related to sources of finance, cash flows, and credit
control. Operation function is responsible for the new product development, R&D, production
planning as well as distribution and purchasing of the stock. Operations play a major role in
contributing to the success of the organization. It includes the day to day activities which helps in
creating unique value and achieving the core objectives. In the process of operations, the
resources are required to be managed which is the responsibility of the purchasing department
and for payment accounting department is responsible (Rothaemel, 2016). All the departments
are required to work with coordination and effective communication is required in the entire
department for the smooth workflow.
It is important for the organization that all the business functions to work together for the success
and achieving the goals and objectives of the organization. The process and procedure are
required to be followed by the organization which includes all the functions to work together.