Generally, in any industry, companies aim at maximizing the available opportunity to become the market leader. Business enterprises rely on the criteria and strategy formulated by the management board to enhance their ability to execute and work towards the firm’s set goals and objectives. Proper strategic management in the finance, accounting, marketing and data analysis is effective in promoting the performance of the business organization
Management and Strategy
Role of Managers, Leaders and Human Resources
Business organizations have teams that have specified duties to perform to propel the performance of respective companies in the market. The responsibilities are strategically designed to influence and accelerate a firm’s performance based on the goals. Managers, leaders and human resources of an organization are significant aspects of a company. They are essential in guiding the corporation to achieve its set objectives. The management of corporations is determined by the type of leaders and human resources they have within the system. The administrators are mandated to implement various processes in the firm’s system to advance its success. They undertake different roles within the corporation, such as controlling, planning, leading, and organizing (Stoyanova-Bozhkova et al., 2020). Generally, directors’ duties can be divided into three main categories; decisional, informational and interpersonal roles.
Decisional, Informational and Interpersonal Roles
Managers are tasked with the responsibility of making choices among alternatives. The decisional roles encompass entrepreneurship, allocation of resources, managing disturbances, negotiating on behalf of the firm. Based on the informational function, directors gather and distribute relevant company details. Moreover, they represent the interest of the business at meeting with stakeholders and connecting the enterprise to outside individuals. Lastly, interpersonal duties entail liaising and figure heading the corporation.
Leaders and Human Resource
Leaders play a critical role in the organizational setting that influences performance. They innovate and develop new techniques that can enable the company to excel. Furthermore, they motivate and influence workers to perform their duties. Human resource roles entail finding and evaluating potential staff members that can add value to the business. It also ensures proper administration of the employees’ benefits to enhance job satisfaction.
Data Analysis and Strategy
In the current business regime, organizations are dealing with a large volume of data that require proper analysis to generate effective and reliable information that can be converted to viable resources for formulating critical operational strategies. For instance, details of sales, stock movement, marketing, resource allocation, and other essential aspects of the enterprise are vital for the success of a accompany, thus making it necessary to process and evaluate the available raw details.
Role of Data Analysis
The term data analysis refers to how analysts examine raw figures to generate facts about them. The practice is vital for companies operating in a competitive environment because it allows the management to find viable answers to their questions. Organizations may use analytical tools to extract numbers and other related details that are useful to help establish a given trend that provides deep insight into the operational activities.
The primary role of data analysis is to enable the business organization to increase its operational efficiency. The practice also improves the ability of companies to perform following the discovery of new patterns in the market (Niu et al., 2021). Firms with well-established information technology systems have the potential to maximize the process to generate more reliable information for the corporation’s management to make an informed decision concerning the market trend. Furthermore, data analysis is significant for firms because it enables them to identify key target areas to focus on, thus lowering the trial and error tactic. When organization management has adequate information about the product’s performance in the market, they can strategize the operation to target the segment that consumes most of their commodities.
Economics and Strategy
Economics strategy is a crucial aspect of business operation that entails economic consulting based on the principles of economics. It is a significant part of the business that allows its administration to address emerging issues encountered during operating activities. The process produces compelling insight that is significant in enhancing the overall performance of a business organization. The main approaches are fiscal, monetary, and commercial, which holds a vital position on a firm’s success.
Role of Economists or Economic analysis
Economic analysis is a vital aspect of an organization’s operation that involves different activities. The process allows companies to perform the valuation of costs and expected benefits from any intended project. It enables managers to rank endeavors based on their economic viability, thus facilitating the easy allocation of the available resources towards the activities. Furthermore, such investigations allow a company to determine the extent of the impact a venture would have in the business.
Economists play a significant role in influencing an organization’s performance. First, they prepare relevant tables and charts containing vital information about the market trends. They provide the details in a more synthesized manner to enable proper understanding by the management for effective decision-making. Similarly, the personnel engage in continuous study of the industry to enhance the production and distribution of goods and services. They gather and analyze arrays of raw data to assist in the conclusions. In addition, they evaluate economic issues that can trouble the company, thus issuing management with a reliable advisory that can enable the company to overcome problems in the economy (Connelly & Fiorentini, 2021). Therefore, the specialist’s role is essential in ensuring a business organization undertakes the right project and operate accordingly.
Accounting and Strategy
Accounting is a crucial aspect of an organization that requires proper management and coordination to ensure successful business operations. The approach is directed at evaluating financial data to determine the company’s monetary status. An entity that applies a viable booking strategy can effectively conduct its activities in the market following proper insight into the accounts. The primary procedures applicable in the process are accrual and cash methods.
Generally, accounting is categorized into several parts, whereby each section has its area of focus. They include financial accounting, which entails recording all transactions that the company has conducted. It involves the development of financial statements such as balance sheets and cash flow reports. There are principles followed by the companies when preparing the accounts. Another category is cost accounting; this is more managerial, where firms undertaking manufacturing activities evaluate both the fixed and variable costs incurred.
Furthermore, an auditing part involves reviewing the organization’s past transactions. There is an internal and external appraisal to ensure the records are accurate and meet International Financial Reporting Standards (IFRS) standards. Another accounting section is managerial accounting, which ensures that the corporation managers provide adequate and reliable data for effective decision-making. The details are based on the operation reports of the business organization. Lastly, there is forensic accounting which most firms in different industries are applying to curb issues dealing with legal affairs (“Forensic Audits are Trending | JD Supra”, 2022). The practice focuses majorly on fraud, claims and dispute resolutions. The process involves reconstructing previous financial statements to identify the possibility of a fraudulent act.
Finance and Strategy
Following the increasing level of competition in most industries in the market, organizations require proper financial strategies to remain effective in the given sector. Therefore, business companies should plan accordingly how and where to allocate the available financial resources to increase the firm’s productivity. Planning aims to provide a clear roadmap that the management can use to evaluate incurred costs and connect them with the set goals and objectives of the corporation.
Finances are a crucial resource for any organization irrespective of its size or market share. Companies need money for different reasons to facilitate their operating activities. First, the business organization needs capital to purchase assets. Properties such as buildings, vehicles, computers, land and other premises are a significant investment for corporations (Tafsir, 2021). The properties allow the enterprise to operate smoothly and generate adequate revenue for its shareholders. Similarly, entities incur various operating expenses during the fiscal period. The management, at some point, would be required to settle bills such as electricity, water, rent, telephone and wages to enhance its activities in the market.
Moreover, with technological advancement, businesses depend on different engineering to aid their daily operations. For instance, to have an adequate record, advanced Information Technology (IT) is necessary to provide the appropriate resource that can be used to store the information. To acquire such services, a firm needs enough money to purchase the systems. In addition, finances enable companies to conduct different researches, thus enabling the development of new products that can withstand other brands in the market. Another use of capital is to reward shareholders of the organization inform of dividends.
Marketing and Strategy
Marketing refers to the process by which business organizations create awareness of their brands in the market. It involves creating and supplying products of value to the respective consumers. To effectively meet the demands, the managers must consider the target groups to allow the company to channel the available resources accordingly. A marketing strategy provides the management body to deduce practical plans for accessing prospective clients and making them loyal consumers of the firm’s goods and services.
Marketing Department’s Involvement
The marketing department plays a vital role in ensuring the company meets its set objectives in the industry. The division generally serves as the face of the firm since it involves selling the company’s brand to potential customers. Critical roles of the department include managing the company’s brand; this aspect entails defining what the business is all about, the organization, the enterprise stands for, and the corporation’s operations. The main goal is express to consumers the experience they will achieve, supposing they interact with the entity.
It also involves conducting both market and customer research. The investigations are essential for the organization because they enable the management to identify booming opportunities worth investment and locate the right targets for its products. The approach is practical since it allows managers to concentrate on specific segments that consume more of the commodities. Furthermore, proper engagement will enable firms to have deep insight into the goods and how clients perceive the items (Ferrell et al., 2021). It facilitates internal communication that enables employees to comprehend the goals and values of the organization, thus making them part of the system.
The success of a business organization relies on the strategic management of every aspect of the company. Various departments perform different functions geared towards meeting the firm’s goals. For instance, the marketing and accounting departments serve as communicators in the industry. Bookkeeping informs business stakeholders through financial statements about their financial health, thus making them make rational decisions (Wise Marketer Staff, 2021). Similarly, the marketing department communicates with potential buyers by showing them the products and services which the enterprise provides in the market.
Moreover, data analysis and economists are critical to improving the performance and organization in the industry. Specialists apply different viable techniques to extract meaningful information from unstructured data. Through the process, the management is capable of identifying areas of weakness, thus implementing relevant approaches to adjust. Economists use the data analysis methods to generate practical details that the management can use to make appropriate operational decisions to increase business returns.
Therefore, by having proper strategic management, a company can develop a clear and coherent roadmap that directs all the activities, thus enabling the firm to maximize its limited resources. A locating adequate finance for marketing is significant because the company will be able to increase its market share, thus facilitating more sales in the market. Similarly, pricing being an essential factor in the business operation requires sensitive consideration from both accounting and marketing. This is because the bookkeeping perceives it as a way of covering the expenses incurred, while marketing treats as a form of selling the company concerning other firms. Developing a practical price strategy is important in facilitating the future success of the business organization.
In summary, business organizations require strategic management to excel in a competitive industry. Proper alignment of departments and their roles is essential in ensuring they have a common goal and objective to achieve. Managers should create an effective system with different approaches to enable companies to coordinate all aspects of operations. A cross-function between marketing, finance, and accounting departments is significant in promoting the overall performance of an entity.
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Ferrell, O. C., Hartline, M., & Hochstein, B. W. (2021). Marketing strategy. (8th ed.). Cengage Learning.
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Niu, Y., Ying, L., Yang, J., Bao, M., & Sivaparthipan, C. B. (2021). Organizational business intelligence and decision making using big data analytics. Information Processing & Management, 58(6), 102725. Web.
Wise Marketer Staff. (2021). Marketing and accounting: An essential partnership for business success. The Wise Marketer. Web.
Stoyanova-Bozhkova, S., Paskova, T., & Buhalis, D. (2020). Emotional intelligence: A competitive advantage for tourism and hospitality managers. Tourism Recreation Research, 1-13. Web.
Tafsir, M. (2021). Sustainable finance: A strategy to increase good corporate governance and company value in banking industry. ATESTASI: Jurnal Ilmiah Akuntansi, 4(2), 154-162. Web.