Cleverpens

by: Fatima W.Q. Jayme

The organization relies on closely linked business functions to accomplish its overall goals. Business success often depends on the performance of others.  It emphasizes the importance of effective coordination and communication among departments.

Marketing, operations, human resources, and finance are the four common departments that are linked to one another. Decisions in one area can affect, for example, production capabilities and financial constraints, inform marketing decisions on product offerings and pricing.

The interconnectedness requires strategy and planning, where all departments work collaboratively towards common objectives. organizations can enhance their agility and responsiveness to market changes, ultimately driving greater success by fostering a culture of teamwork and transparency.

Below is a table showing the interconnectedness and interdependence of the three functions of business.

Comparison	Accounting	Finance	Economics
Definition	Methodical record-keeping of transactions of business	The study of the management of funds in the best possible manner	It examines the production or acquisition, distribution, and consumption of goods and services.
Scope	It prepares financial records needed for financial decisions	It strategically analyses financial data required in managing the business.	A driver to optimize Wealth Maximization.
Focus	It records business transactions.	It analyzes business performance.	Interaction of supply and demand.
Concerns	Record financial transactions, ensuring accuracy compliance with the accounting standards and procedures. (GAAP)	Reads and understands financial data of an enterprise, keeping in mind growth and strategy. (Industry-based)	It studies broader focuses that create a flow of money (industry-based)
Thinking process	Rule base	Behavior base	Performance base
Financial statements	It is prepared	It is analyzed	It is created
Drive	Tax-driven	Plan-driven	Relationship driven
Careers	Accounting professionals. Examples: accountants, auditors, and tax consultants.	Investment bankers, financial analysts, Credit Analysts, Pension Fund managers.	Economists, Policy Analysts Actuaries Consultants Data analysts

Successful businesses are based on innovativeness and agility. Its emphasis is on cross-departmental communication. Organizational competitiveness and resilience require a stronger alignment with customer needs. Human resource decisions on staffing and training can impact both operational efficiency and marketing reach. Human resource initiatives must prioritize not only skills development but also employee engagement to create a workforce that is motivated and aligned with the company’s vision. As a result, business managers cultivate a proactive culture that embraces change. It encourages continuous improvement, further solidifying market positioning.

until next time.

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