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Importance of different business functions...............................................................................3

Different business functions working together..........................................................................3
Importance of different business functions
Business functions refer that the activities which are operated a business effectively. There
are two types of business functions such as core business functions and another is support
business functions. Core functions are related with the income generated and support
functions are related with core functions activities. In business, activities are separated into
various functions such as financial, marketing, accounting, human resource, production,
research and development etc. Each function has its own role and importance. These are
explained here:
Production: production is the process of making the end products from different types of
inputs. Most of the time, to produce organizations have to use machines, technologies.
Without these organizations cannot produce products. Products create values and selling
these products to customers, companies enhance their business.
Finance: Finance related with that organization needs more investments or not. If
organization can generate profit in this amount of investment or not. Organization’s cash
outflow and inflow is controlled and monitored by finance department.
Marketing: In business, marketing is one of the important functions. It is directly related to
the profit. If organization can do marketing very well, it increases the revenue of the
organization. Company needs to understand the customer’s demands and needs. According to
customers’ demands, organization needs to advertise and promotes. As a result, customers
can relate to the products and services more.
Human resource: Human resource is related to the employees. Organization’s efficiency and
productivity dependent on the employees. Employee’s selection, hiring, training,
development, benefits, promoting, and lay out all are included in the human resource.
Organizations have to be very careful to select new employees. Skilled and qualified people
help to achieve organization’s goals and objectives.
Research and Development: Research and development function related to innovative new
things such as new products or add some products in existing products or services. It helps to
build competitive advantages. Technology companies are the best example of R&D
development.
Different business functions working together
In business, every function has to work with each other. Because without working together,
the organization cannot gain success. So, it is important to work together of various functions
in business. Marketing function analysis the market demand and set the market target. Then
according to market function’s information, production department produce products or
provide services. Meanwhile finance and accounting function set the budget and manage the
finance resources. If the organization is financially able to produce products according to
customer demands, then organization will go for production, otherwise borrow money from
banks or other resources. Operate function operate the business properly and ensure that each
function has necessary information. Research and Development function invent new products
or add new and unique features to the current products as per as marketing function’s
information. Human resource function ensure that all functions have skilled and trained
employees and employees get benefits and compensations for their job. Good communication
is important for achieving the organization’s goals. HR function ensures that employees have
effective communication skill and thus will create a good bonding among the functions in the
business.