Role of HR, Marketing and Finance Functions in Organizations

This report discusses the role of HR, marketing, and finance functions in organizations, including their key concepts and collaborative working practices. It also highlights the importance of financial management and reporting in organizations.

Introduction on business studies

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Role of HR, Marketing and finance functions within organisations...........................................1
Concepts of Collaborative working practices..............................................................................2
Role of financial management and reporting in organisation......................................................3
Conclusion.......................................................................................................................................4
References........................................................................................................................................5

INTRODUCTION
Business studies refers to a core subject which demonstrates different functions of a
company, that helps in running it successfully. It includes role of human resource, marketing,
finance functions and more, which perform different-different activities and working practices
(Schechner, 2017). The present report demonstrates role of such functions, including their key
concepts with an understanding of collaborative working practices.
MAIN BODY
Role of HR, Marketing and finance functions within organisations
To operate a business successfully and meet every desired objective on time, each and
every function of a company perform equal and important role. For example – HR or human
resource is one of the main function that helps in bringing talented workforce within
organisation, without whom a business cannot be formed (Rossier, Bühlmann and Mach, 2017).
For this purpose, a number of activities like hiring and recruiting most eligible people at
workplace, provide training to make them familiar with organisational culture and way of
carrying out their roles or responsibilities etc. are performed by HR managers. They mostly work
in collaboration with other departments, to move business imminently into innovative face, by
enhancing its productivity, efficiency of customer services and more. Similarly, another main
function is marketing, whose main role is to promote business at marketplace, for bringing
awareness among people about type of specific products or services as well as how the same
would meet demand of them (Quinlan and et. al., 2019). Along with this, marketing team of a
company also concerns on identifying needs and preferences of customers, including
competitors’ strategy and strengths that avail largest share of market. Through these information,
other departments like production, sales, HR departments and other, emphasis more on
developing productivity of business, so that better products can be uniquely offered to targeted
audience and gain their retention for longer period.
Including above functions, finance management also perform specific key activities of
business which are mainly responsible, for solving money related issues. This function is
responsible to allocate financial resources to all departments, so that they can carry out their core
business activities efficiently (Narayanan, 2017). For this purpose, financial management team
involves collection and analysis entire information related to finance data. Along with this, apart
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from fund procurement and allocation of capital in different divisions, finance team of a
company concerns on enough working capital, efficient inflow and outflow of cash, for meeting
operational expenses, by tracking account payable and receivable information. They also taken
major decisions on the way surplus or profits of business can be utilised, for meeting future
demand in efficient manner, without risk of loss (Howitt, 2019). In addition to this, they work in
collaboration with HR and marketing team including other divisions also, for evaluating how
capital resource can be managed and utilised in optimum manner.
Concepts of Collaborative working practices
Collaborative working includes different ways in which different organizations can work
together. There are a lot of benefits of implementing collaborative working practices within a
workplace. This can include an increased flexibility in the project direction wherein all members
of the team are aware of the goals and objectives (Grosser, Moon and Nelson, 2017). Also, when
people from different backgrounds come together for a project, they bring along a variety of
skills as well as perspectives. This helps in improving the environment of the workplace as well
makes sure that the overall creativity among the employees. There are different departments
within an organization like Human Resources, Marketing, Operations and Finance. All of these
departments work in collaboration with each other. This allows the employees to think out-of-the
box and creatively. Collaboration among different departments ensures that the overall
productivity of the employees is improved and that they are offered increased possibilities of
learning (Ghauri, Grønhaug and Strange, 2020). This is because when the team members of
different departments are exposed to collaborative learning, they get a chance to learn new skills
and gain knowledge from each other. This not only helps in increasing their skillset, but also
improving the employees’ overall worth within the organization. This also helps in increasing
employee engagement as well as their commitment towards their jobs. Also, when an
organization promotes collaborative working among its different departments, they work
together in making sure that the overall stakeholder relationships are enhanced (Cumming and
Zhang, 2019). Team leaders of different department. Collaboration allows employees working in
different departments to come together and offer their own perspectives.
Employees of the company get a chance to approach a particular problem or situation in a
creative and unique way instead of just a traditional way (Schechner, 2017). These days,
organizations that have operations in different parts of the world, practice the concept of virtual
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collaboration. This means that employees of different departments working in different locations
get an opportunity to interact with each other. This eliminates the need of any kind of
infrastructure as well as the company also saves a lot of money in finances. The process of
finding solutions to different problems become easier and also the progress can be tracked
effectively. Collaborative working practices help in minimizing the risks and increases the
organization’s overall ability to finish off important projects within the deadline (Rossier,
Bühlmann and Mach, 2017). There are different ways in which collaborative working practices
can be promoted within an organization. This can include brainstorming, providing value to the
employees and offering them equal opportunities so that they can develop new skills. Also,
working across different departments collaboratively can help the employees in delivering new
as well as improved output. The organization also gets an opportunity to save unnecessary costs
as well as allow knowledge and information sharing within the workplace. Organizations that do
not follow or promote collaborative working practices within their workplace have employees
with low motivation as well as productivity levels (Quinlan and et. al., 2019). This can lead to
creating a negative impact on the overall performance of the organization and its performance
within the industry.
Role of financial management and reporting in organisation
Financial management refers to one of the most important aspect in an organisation, where
to start-up a business and run it successfully, it is essential for entrepreneurs to have excellent
knowledge about same (Narayanan, 2017). It involves various key activities like strategic
planning, directing, organising, managing and controlling entire financial based functions. In this
regard, managers associated in this function, mainly took major steps on maintaining the
sufficient supply of capital and funds; ensure all stakeholders and shareholders get good return
on investment; optimum utilisation of money; and creation of real investment opportunities to
run business successfully. For all these procedures, role of financial managers also involves
response towards adoption of new technology that helps in monitoring each and every business
transaction, so that timely actions can be taken for resolving any financial issue (Howitt, 2019).
For managing and reporting data about financial management, managers of a firm carry out
various activities like preparing the financial statements, forecasting and managing budget;
monitor financial details for ensuring that legal requirements are adequately managed;
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supervising team for reporting and budgeting; reviewing financial reports to reduce costs and
overhead expenses; support other departments in utilisation of money for carrying their activities
etc. Moreover, financial managers also concern on reducing negative impact of tax laws &
regulations, economic crises and more, by making effective and timely capital investment
decisions (Grosser, Moon and Nelson, 2017). Such decisions are mainly based on long-term
achievements, where managers mainly seek to maximise firm’s value by making investment in
new projects that yield net present value with least risk. For performing all these key
responsibilities, people that are associated within financial management work, must have
possessed some important skills and key knowledge. It includes analytical skills for taking major
decisions; communication abilities for working collaboratively with entire divisions and
reporting about financial transactions with proper justification to upper management team
(Schechner, 2017). Similarly, key knowledge about way to perform financial planning, allocation
& utilisation of funds, controlling overhead expenses, taxation and accounting aspects are
essential for performing all above functions appropriately.
Conclusion
It has summarised from entire report that behind running a business successfully, there are
various functions performed by a number of departments in a company. Each and every function
like HR, finance, marketing and more, helps in meeting corporate objectives by increasing
productivity and performance of business in best way. Along with this, they also support and
work in collaborative manner with each other, to ensure that entire resources like manpower,
machine and money can be optimised adequately.
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References
Books & Journals
Cumming, D. and Zhang, M., 2019. Angel investors around the world. Journal of International
Business Studies. 50(5). pp.692-719.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Grosser, K., Moon, J. and Nelson, J. A., 2017. Guest editors’ introduction: gender, business
ethics, and corporate social responsibility: assessing and refocusing a conversation. Business
Ethics Quarterly. 27(4). pp.541-567.
Howitt, P., 2019. The implications of knowledge-based growth for micro-economic policies.
Routledge.
Narayanan, V., 2017. Theorizing on entrepreneurial orientation in international business: A
synthetic review. International Entrepreneurship Review. 3(1). pp.9-23.
Quinlan, C. and et. al., 2019. Business research methods. South Western Cengage.
Rossier, T., Bühlmann, F. and Mach, A., 2017. The Rise of Professors of Economics and
Business Studies in Switzerland: Between Scientific Reputation and Political Power.
European Journal of Sociology/Archives Européennes de Sociologie. 58(2). pp.295-326.
Schechner, R., 2017. Performance studies: An introduction. Routledge.
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