Importance of Different Business Functions - A Study

This report paper focuses on various business functions that are crucial for an organization. The roles of various functions in business such as accounting-finance, productions or operations, marketing-sales and Human resource are elaborated. At the end importance of these departments working together is explained.

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Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
Importance of different business functions............................................................................1
CONCLUSION................................................................................................................................2
REFERENCES ...............................................................................................................................3

INTRODUCTION
In this report paper there is a focus on various business functions that are crucial for an
business organisation. The roles of various functions in business such as accounting-finance,
productions or operations, marketing-sales and Human resource are elaborated. At the end
importance of these departments working together is explained.
MAIN BODY
Importance of different business functions
There are various functions that prevails in a business and plays crucial role in equitable
distribution of work and smooth flow of business activities. These functions are elaborated
below: Finance and Accounting: Finance is a base of support to every business and its
activities, it involves keeping record of monetary inflows and outflows(Irsyadiah, 2021).
Preparation of financial records and allocation of adequate funds in the activities of
TESCO are done by finance department. The finance mangers of this company keeps a
track of overall finance requirements of the business and maintains regularity of fund
inflow in business from shareholders, investors and other sources. Operations/Production: Production function involves series of continuous operations
that starts with acquiring of raw materials, processing them and furnishing final goods
and services. Production function acquires a crucial position in ASDA as it maintains
continuity in production of goods and services required in the market. The company
controls its production function through regular investments, incoming raw materials and
maintaining inventory of produced goods and services. Production managers should
focus in optimising production and reducing wasteful operations for getting maximum
cost benefits. Marketing and Sales: These two activities are cordially carried out by a single
department which involves promotion and selling of commodity and services through
market research and advertisements(Hansen and Prescott, 2021). The role of marketing
and sales department in DIAGEO is to promote its products by covering potential buyers,
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prospects and existing investors, partners and consumers. The main objective of this
function is to promote their sales and reputation by increasing brand awareness.
 Human
Resources: It can be compared as the bloodlines of a business activity because it flows in all the
parts of a business. Human resource mangers in Nestle are responsible for attracting talent,
optimising work conditions and maintaining employees relations. Mangers of human resource
also ensures compliance with labour laws, grievance redressing, employee motivation, conflict
resolving and other functions. Training and development of employees under experts observation
helps employees to acquaint with company's environment.
A company distributes functions and tasks into several job-operations or departments to
allow overall organizational efficiency and effectiveness(Ryan and et. al., 2021). All functions
play important role for each others and if any of these functions is mismanaged or does not work
cordially, business operations would be interrupted. Every business decision taken by various
departments must synergize and synchronise consideration of other departments. This requires
proper cooperation, communication, and close connections among functions of each
departments. This way, every department is interlinked with each other like finance is required to
purchase raw materials for production, human resource are required to keep finance and look-
over production activities etc.
CONCLUSION
In the following report there had been a study of various business functions. Marketing,
finance, HR and production functions of various organisations are explained. At the end
importance of these functions working together for making a business successful are explained.
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REFERENCES
Books and Journals
Ryan, B. and et. al., 2021. Human functions in safety-developing a framework of goals, human
functions and safety relevant activities for railway socio-technical systems. Safety
science, 140. p.105279.
Hansen, G. D. and Prescott, E. C., 2021. 2. Recursive Methods for Computing Equilibria of
Business Cycle Models (pp. 39-64). Princeton University Press.
Irsyadiah, N., 2021. Implementation of School Management Functions in Effort to Improve the
Quality of Education. Budapest International Research and Critics Institute (BIRCI-
Journal): Humanities and Social Sciences, 4(4). pp.8635-8645.
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