IOM Electronics Ltd: Analyzing Business Functions & Employee Skills

This report discusses the functional areas essential for managing a business, using IOM Electronics Ltd. as a case study. It highlights the importance of strategy, marketing, finance, human resources, technology, equipment, and operations in achieving business success. The report also identifies crucial skills employees need to perform effectively, including communication, teamwork, problem-solving, self-management, technical proficiency, decision-making, flexibility, commitment, innovativeness, integrity, leadership, time management, and commercial awareness. It concludes that a well-defined organizational structure and a skilled workforce are vital for thriving in a competitive environment. Desklib offers a wide range of study resources, including solved assignments and past papers, to support students in their academic endeavors.

TITLE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Explaining various functional areas of business organization....................................................3
Describing skills needed by employee to perform functions of organization effectively...........5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
In order to start a business, a person must have a business plan which will help in
providing directions about how business will be managed. The present report is based on
acquiring local company, that is, IOM Electronics Ltd. Report will discuss various functional
areas required in business organization. Further, it will describe different types of skills that are
needed n employees to work effectively.
Explaining various functional areas of business organization
Many business operators like John becomes so excited about creating own business that
they avoid important pre-planning (Morakanyane, Grace and O'Reilly, 2017). A plan will help to
start business successfully and understanding all the aspect of running a business. Generally,
there are six functional areas of business management that planners should consider before
operating an organization.
Strategy
First of all, business operator must create a vision & mission statement which will be the
base of all further activities that want to conduct. Strategists should also analyse and interpret the
competitive forces prevailing in market so that any opportunities can be discovered and company
can take first mover advantage (Satyro and et.al., 2017). Also, IOM Electronics Ltd. can identify
any threats to take necessary actions against them. Such an analysis can be done through SWOT
or PESTEL which will give a clear and better picture of market forces. It will help in formulating
strategies related to product pricing, positioning, differentiating, etc. Strategy can be formulated
on three levels i.e. corporate level (acquisition. growth, etc.), business level and functional level
(allocation of resources strategy).
Marketing
Planners should also determine thoroughly potential customers and thoroughly
understand them by acknowledging their needs and demands. Market planning helps in defining
a right marketing strategy to design & develop products for offering. IOM Electronics Ltd. can
adopt the approach of “out there” by studying and analysing the need of customers in market first
and then producing products accordingly to answer those needs. Company can have function of
marketing by not just selling goods and services but also bringing value to their customers
(Putsenteilo, Nyanko and Karpenko, 2018). This function is also concerned with promotions like

advertising, print media, social media marketing, etc. it also includes packaging, labelling and
branding which should be in sync with production schedule,
Finance
This is the most important function of any business organization because a company
cannot function properly without adequate funds. IOM Electronics Ltd. require loans and
investments to runs its business & needs to perform forecasting and budgeting activities. A
business must know how much funds it has and how much should be acquired to operate
business successfully. Planner should form budgets to have a better picture of expected revenues
and expenditures so that company can predict cash flows (Lagoarde-Segot, 2019). IOM
Electronics Ltd. can identify sources from where to acquire financial resources for long term or
short term. The composition of external funds and equity funds is decided by finance function
after analysing each option thoroughly.
Human Resources
HR function is concerned with increasing employee productivity and protecting company
from any problems within personnel (Sušanj, Jakopec and Đorić, 2020). IOM Electronics Ltd.
has an employee base of 200 which means company is growing steadily. Responsibilities of HR
function is to design, develop and implement recruitment and selection plan, compensation,
benefits and perks, firing policies, etc. They should adhere to all the rules laws related to
employees that may affect company & its employees. Another duty of HR is to provide
motivation and encouragement to perform better giving perks and monetary benefits to those
performing excellently.
Technology & Equipment
Now-a-days, organization are using the latest technology both in production and in
marketing activities to reduce the costs and enhance revenue. IOM Electronics Ltd. can acquire
heavy machineries and equipments that are needed in production process for cost reduction.
Further, it can make use of IT and digital marketing for promoting their products. Making
effective use of technology can help in optimizing business performance, improve customer
experience, enhance communication system, effective managerial decisions, etc. (Saeidi and
et.al., 2019). IT department should also take the responsibility for protecting the databases of
company in secured manner to avoid any unlawful practice.
Operations

This function is concerned with managing processes of creating goods and services by
planning, organizing and controlling all resources and materials which are required for
production process. It uses various tools and strategies which is needed to enhance production
output and assures that customer orders will be fulfilled within due time. IOM Electronics Ltd.
Performs operations to price electronic good which can be a very complicated process which
requires complete knowledge about production practices (Tang and et.al., 2018). Company can
install softwares such as Advanced Planning and Scheduling software to reduce complexity of
operations management.
Describing skills needed by employee to perform functions of organization effectively Communication: It means a person needs to be clear while communicating and should
precisely state his problem, viewpoint, ideas, messages, etc. This also means listening &
understanding to others problems carefully. IOM Electronics Ltd's. employees should
also display positive body language and remain open-minded. Teamwork: An important skill required by employee of IOM Electronics Ltd. is to be
able to work in team and maintain cordial relations with team members (Kremer,
Villamor and Aguinis, 2019). A team works together to achieve a common goal where
employee should cooperate and collaborate as a team-mate. Problem solving: Employee of company should not always come with problems only but
also provide solutions to the problems. He/she should be able to analyse situation,
identify cause and explore feasible & smart solutions to improve situations. Self-management: it means an employee should be in position to complete his work
without having someone to check him all the time. It is a vital skill needed in employee
so that he can complete his work on time and delegating work on others. Learning skills: An employee should also be a keen learner and also understand new
things easily and quickly by performing new tasks and promptly accepting any changes
that are done in IOM Electronics Ltd. Technical skills: Employees also need to have basic technical skills such as using
computer for word processing, making spreadsheets, processing & sending mails, etc.
Employees in marketing department should have technical skills related to video editing
softwares, coding & programming language, etc.

 Decision-making: In IOM Electronics Ltd., decisions are made at all levels regardless of
position of employee (Barão and et.al., 2017). Therefore, employee should be able to
make quick & correct decisions that is beneficial for company. Flexibility: There are various jobs in company that requires compete flexibility and
employee should be flexible enough to adjust to any changes that are not planned.
Flexibility at workplace can be utilized as a good technique to retain and engage
employees at IOM Electronics Ltd. Commitment: Only those employees should be hired in organization that shows
commitment to employer and are increasing their productivity every day. Such
employees enhances the overall productivity of company. Innovativeness: All employees of firms should be smart to examine any innovative ideas
that are feasible and can be implemented to out stand in competitive environment. Any
new technique of production or managing differently other areas of management which
can benefit organization must be shared with higher management. Such innovative ideas
must be appreciated by company to motivate employees. Integrity: A basic required in employee should be of maintaining sufficient integrity
levels in company. He/she should remain loyal, trustworthy and honest by following
company protocols, procedures and standards. Any confidential informations should not
be shared with outsiders that will affect company's position. Leadership skills: It s important for employees to show leadership qualities by mentoring
and supporting entry level executives (8 job skills you should have, 2018). He should also
inspire & motivate others in fulfilment of duties and achieving company goals effectively
and efficiently. Time management: Employee performing tasks but not within stipulated time is not
fruitful for IOM Electronics Ltd. Time management quality is very important to prioritize
task and meeting deadlines so that there is no delay in fulfilment of objectives.
 Commercial awareness: Now-a-days, this is the utmost important skill because
understanding of market place, awareness about vision & mission, political & economic
issues affecting business, analysis of competitive forces, etc. helps an employee to
understand business in more accurate manner.

CONCLUSION
From the above report, it can be concluded that there are various function that a business
operator should adopt major function of management in order to run its business and survive in
competitive world. It can also be summarized that finance is the major function that IOM
Electronics Ltd. performs because it is very necessary to make arrangement for funds and how to
allocate these funds to other different functions. Another conclusive point can be that an
employee should be a good listener, decision-maker, problem-solver, etc. He should always
remain loyal and committed towards IOM Electronics Ltd.

REFERENCES
Books and Journals
Barão, A. and et.al., 2017. A knowledge management approach to capture organizational
learning networks. International Journal of Information Management. 37(6). pp.735-740.
Kremer, H., Villamor, I. and Aguinis, H., 2019. Innovation leadership: Best-practice
recommendations for promoting employee creativity, voice, and knowledge
sharing. Business Horizons. 62(1). pp.65-74.
Lagoarde-Segot, T., 2019. Sustainable finance. A critical realist perspective. Research in
International Business and Finance. 47. pp.1-9.
Morakanyane, R., Grace, A. A. and O'Reilly, P., 2017. Conceptualizing Digital Transformation
in Business Organizations: A Systematic Review of Literature. Bled eConference. 21.
Putsenteilo, P. R., Nyanko, V. M. and Karpenko, V. L., 2018. Trajectory of marketing function-
from traditions to innovations. European Journal of Management Issues. 26(3-4). pp.103-
113.
Saeidi, P. and et.al., 2019. The impact of enterprise risk management on competitive advantage
by moderating role of information technology. Computer Standards & Interfaces. 63.
pp.67-82.
Satyro, W. C. and et.al., 2017. Process of strategy formulation for sustainable environmental
development: Basic model. Journal of Cleaner Production. 166. pp.1295-1304.
Sušanj, Z., Jakopec, A. and Đorić, A., 2020. Academics' effectiveness and professional
development in Croatia: Challenges for human resource management in higher education
institutions. European Journal of Education. 55(4). pp.476-488.
Tang, D. and et.al., 2018. Retrospective analysis of 659 laryngeal squamous cell carcinoma
patients treated with open laryngeal function-preserving operations. Acta oto-
laryngologica. 138(11). pp.1043-1050.
Online
8 job skills you should have. 2018. [Online]. Available through:
<https://www.youthcentral.vic.gov.au/jobs-and-careers/plan-your-career/8-job-skills-you-
should-have>