Collaborative Teams: Achieving Goals Across Business Units

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Role of HR, marketing and finance function in organization.

• Raise operational efficiency: HR play an important role in overall success of organization and to improve effectiveness of organizations product and services. In context of Nike HR help to recruit and hire effective employees with skills and abilities to achieve organizations goals easily(Kolk, 2016.) .
• Develop coordination : Develop coordination between employees to improve their efforts for organization success. HR managers of Nike encourage employees employees performance and motivate them to improve performance near future. If any conflicts between employer and employee arises in organization then HR resolve those issue to maintain smooth working in organization.

Importance of HT department

HR is essential to maintain positive relation with their employees and make them satisfied for overall growth of business at a large scale.

Marketing function

• Promotes business: Marketing department play an important role in promoting business and to reach customers easily. In context of Nike Marketing help communicate information about product to customer with help of advertising and other promotional methods to make them purchase companies product.
• Gain competitive advantage: It helps company to differentiate their product from competitor easily. Overall brand image of Nike largely depends on their marketing efforts(Brannen, Piekkari and Tietze, 2017) . Market research help company to prepare plan for success of their business. It also make easy for customers to find a product according to their requirement. Gather market information for Nike to improve decision making and overall performance of business.

Importance of marketing function

Marketing department help Nike to manage their social media account as large number of customer are online nowadays and it help them to expand their services.

Finance function

• Fund management: Financial function is responsible for planning financial resources and acquire and utilize funds for success of business. In Context of Nike Finance department help to take investment decision for business to increase their profitability.
• Improve profitability: It helps company to establish their business in new economies easily. Smooth running of Nike's business largely depends on their finance department.

Importance of finance department

It is beneficial for company to analyze sources of funds and improve their organizations efforts easily.

Understanding of collaborative working practices.

Collaborative work practices help companies to ensure all employees and members in team work together to achieve common goal. Help companies to bring creativity and innovation in their organization working and help them to develop their business at a large scale. Collaboration help organization to solve major problems and maintain growth of business at a leading level. Employees working together help them to share their skills with each and maintain effectiveness of organizations product. Increase efficiency of employees and their efforts towards develop of business(Aguilera and Grøgaard,2019.) . In context of Nike company develop effective team for organization success some skills that their employees require to work in a team are employees actively listen to each others point of view. Analyze problem and try to solve them without blaming each other. Delegate task to each other on basis of skills and abilities required for completion of task. Openness in a team for every member to get new ideas and solution for organization success. Positive attitude in team help Nike to maintain effectiveness of their business. Company provide reward to members in a team on basis of their contribution for success of organization. Leaders of Nike recognize and solve conflict between employees. Overall collaboration in a team and employees help Nike to expand business at a large scale. It also help company to teach their employees about new changes and requirement for business. It help employees to learn from each other for organizations success. Reduce barriers between employees and help to work collaboratively for success of company easily.

Role of financial management

Financial management means planning and organizing financial resources for success of business. Success of company depends on knowledge of financial management to sustain in market. Financial manager is responsible to provide proper funds according to requirement of a particular task. Duty to raise funds from both long and short term liabilities. In context of Nike financial managers play an important role in making financial decisions and control excess waste of funds. Plan each and every activity of business related to finance with use of available data to fulfill financial needs of an organization. Allocation and utilization of financial resources to increase overall profitability of business and maintain effectiveness of product. Manager of Nike play an important role to maintain cash flow in their business according to requirement of business(Verbeke, Puck and Van Tulder, 2017.) . Cash flow in each and every department help in smooth working of business. Financial manager maintain all reports related to finance department of business. All activities performed by financial manager help Nike to manage risk for business in future. Help company to identify opportunities for business to invest. Maintain supply of funds in organization for working of each and every department in business. Financial management is responsible for increasing overall value of Nike in market. Help to maintain stability of business in market. Encourage employees to save money and funds for business.

Reporting

Financial reporting is helpful in monitoring the progress of company(Verbeke, Coeurderoy and Matt, 2018.) . It helps in managing funds well and keeping close records of each business activity.

Documents

Balance sheet: this is the document that shows assets and liabilities of firm.

Profit and loss account: it reflects items that generate profit and expenses of company. Overall net profit are reflected in Profit and loss account.

CONCLUSION

Report will show that HR department help to get employees with effective skills and abilities for development of business. Marketing develop overall presence of business in market. Finance department help to reduce wastage of funds. Collaborative working practices help to make employees work together.

Read more - Ethics and Sustainability

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