Significance and Importance of Business Functions in Today's World

This essay discusses the significance and importance of business functions within a modern competitive business environment. It identifies key business functions such as marketing management, human resource management, financial management, production management, strategic management, and operations management, highlighting their respective roles in driving organizational growth and achieving a competitive advantage. The essay emphasizes the importance of integrating information technology and skilled management to enhance business operations and adapt to the challenges of a globalized market. Furthermore, it underscores the necessity for companies to focus on expanding business operations in the global market and training employees effectively to navigate the complexities of the current business landscape. The top-level management should provide efficient staff to the business organization for business development.

Functions of
business

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
entity must 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 and develop different aspects of business in a precise manner (Carlo, 2019). It is
compulsory for a business to develop different culture related aspects for 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.

REFERENCES
Books and Journals
Albertoni, F., Elia, S. and Piscitello, L., 2017. Complementing the reshoring of manufacturing
activities: the relocation of business functions. In Reshoring 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., SCOPE OF INTERFACING CROSS-FUNCTIONAL BUSINESS
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. In Journal of International Conference
Proceedings (JICP)(Vol. 1, No. 2).