In any enterprise, it is necessary that the various functions work in proper coordination and cooperation with each other so as to enable effectiveness efficiency of operations across the organisational premises. In this regard, the number of functions that prevail within a company are production, marketing, finance, human resource, IT, accounting etc. All of these are essential components of a successful organisation and assist an enterprise in carrying out the activities and operations in the desired manner.
Production is a key function within an organisation which is engaged in manufacturing of products and services in order to meet the needs and requirements of consumers within marketplace. Production managers are responsible for setting targets for each segment of the whole manufacturing process. The quantity and quality of goods are in accordance with the demands of customers is ensured by production. Further, there are various methods or techniques that are used by different business enterprises in order to sustain in market.
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Some examples of such methods are lean production, just in time etc. Toyota is a remarkable representation of adoption of Just-in-time method to enhance efficiency, reduce the operational costs and decrease the generation of waste (Toyota and JIT Manufacturing: The Origins of JIT, 2019). Human resource function within a company is essential for carrying out activities such as recruitment and selection, dealing with grievance policies and procedures, conducting training and development, enforcing heath and safety regulations etc. This function is also important for maintaining a strict framework within which the employees of an organisation have to act.
Finance function is yet another important element of an enterprise. Its major role is to prepare the financial statements of company which includes income statement, profit & loss, balance sheet etc. Estimation of the total amount of funds required for proper functioning of activities is also carried out by this function. Finance is also responsible for managing the cash flows of an entity and ensure that they have enough availability of funds at all the time to meet the daily expenses.
Besides this, marketing is another essential function which is responsible for making sure that the actions of company are well planned and assists them to achieve the desired long term goal. This function is largely concerned with promotion of such products of enterprise which strive to fulfil needs and wants of customers and render a competitive edge to company over their rivals. Marketing involves undertaking such activities which are aimed at grabbing the attention of a large customer base and retaining them for a long duration of time. A well known example of utilisation of extensive marketing is ASDA which develops creative ads, marketing campaigns and videos in order to grab the attention of large number of people (Asda advertising, marketing campaigns and videos, 2019).
It is immensely necessary that all the above stated functions within a company work together in a coordinated manner so as to ensure that the operations and processes being carried out within the enterprise are sufficient to assist the company in achieving the desired goals.
You may also like to read:
- Toyota and JIT Manufacturing: The Origins of JIT. 2019.
- Asda advertising, marketing campaigns and videos. 2019.