Introduction
Strategic planning and management in various fields are tied to several conditions and principles that professionals observe. The development of a company never depends only on one department or on a tiny group of employees, but it is always a complex process in which many players with different skills are involved. In its way, with competent management, each of the regions has a positive effect on the business, constructing its goals, objectives, mission, and, in general, the position in the modern dynamic market.
Management and Strategy
Competent leadership based on ethics, employee confidence, and professionalism allows the company to feel its place in the modern market and modern dynamic world in general. In addition, leaders formulate and define the company’s mission statement (Amato, 2021). The managers, in turn, monitor the fulfillment of the mission. These people are responsible for force majeure circumstances requiring urgent intervention and restructuring the working model. Such a circumstance was the COVID-19 pandemic, which forced businesses to reevaluate their goals and, most importantly, the tools to achieve these goals. So, the managers decided to transfer employees to a remote location to introduce special days off and parental leave restrictions for them.
Human resource management is also strategically vital as it is intertwined with all areas of company life. From hiring employees and providing internships for young professionals to participating in drawing up long-term plans, managers in this area have a responsibility to show a strong interest in the result. As mentioned earlier, together with telecommuting, the problem of providing vacations is also the responsibility of human resource managers (Jhajharia, 2021). Such employees are responsible for the core of any company, that is, human potential. Their circle of responsibility is extensive, and often such employees must resolve local conflicts in a team (with the help of leaders, of course). In addition, they have to organize work at a global level, for example, take part in business conferences with reports.
Data Analysis and Strategy
The world is filled with arrays of information and digital data, and businesses cannot neglect this, otherwise lagging behind partners and rivals is inevitable. Modern companies focus on collecting as much data as possible, which experts then analyze (Talentedge, 2021). The analysis results provide the basis for the formation of the company’s mission and allow managers to be aware of what is happening in the surrounding world of trade, customer service, and new products. Fast capturing of the information that companies need will allow managers and leaders to launch an innovative product on the market or provide a particularly relevant and valuable service to some customers. As people know, hot products and services provided at the right time, given the context, are paid by buyers incredibly generously.
Based on the experience of modern analysts, collecting data, especially when it comes to digital data, falls on the shoulders of narrow specialists, often very young people. These workers are associated with business and IT by their education and often also have economics degrees (Amato, 2021) Business and the world, in general, are very dependent on data, on the speed of its collection, quality, and verifiability applicability to specific cases.
Data collection and analysis have a tremendous impact on marketing and the choice of model for a company to operate. If the systems for collecting and analyzing data work quickly and according to well-functioning mechanisms, company managers, marketers, and employees in other areas show flexibility in the market. The ability to quickly adapt to a dynamic environment opens up the principles of manipulating supply and demand and other mechanisms.
Economics and Strategy
One of the most critical aspects of the relationship between strategy and economics is creating a specific economic value for a company. Although this aspect seems overly theoretical, creating economic value for the company may make it competitive in today’s dynamic world. The economic value can be formed by several factors, which are included, in turn, due to other factors (Kennedy, 2020b). The company’s image, which is created through successful marketing, painstaking work to preserve its reputation, and attentive customer service, plays an essential role. Here, readers can see those directly economic indicators calculated in formulas are closely related and influenced by the spheres of image-making, marketing, and PR.
Competent economic calculations are the foundation of a successful strategy. With the calculations and forecasts of economists, even ossified theorists, in their hands, leaders can create a fair timetable for the company. The company will continue to accumulate funds and subsequently become richer. In addition, which is very important for big businesses, economists correctly calculate costs and possible risks. Big business always takes significant risks because the contract amounts sometimes reach hundreds of millions and billions of dollars. Behind the trust in a company, reputation and PR are often the economy’s foundation and careful calculations.
The pandemic has changed the attitude towards the economic component of strategic management. Financial calculations, in general, in different companies, turned out to be the most resilient in the given circumstances (Criniti, 2021). While marketing was coming to its senses, looking for new tools for the job, the technique of economic calculations remained almost unchanged. In an emergency, different companies were using the economy to learn to re-calculate budgets and costs for entirely new things: vaccinations for employees, vacations, disinfectants.
Accounting and Strategy
Accounting seems to be kept apart in each company, with specific responsibilities, and even the employees there seem to be different from others. Fleur of accounting lies in the fact that this area is tied to strict calculations, complex graphs, and diagrams (Mendoza, 2021). Employees are used to trusting only numbers, facts, and planning that differs at least a little from the usual ways is sickening to them.
PR people, marketers, and coaches seem unreliable enough for such people, but cooperation is necessary. These people speak different languages and have different business views, but they have one goal: business prosperity and profit growth. Merging and excessive closeness of accounting and other areas are entirely impossible, except for the areas of finance and economics, the most related. For other parts, an acceptable distance and distribution of responsibilities without ambition and claims to perform someone else’s work is necessary.
An example of how accounting can relate to other areas to help organize a business or create a strategy is pricing. Pricing often becomes a part of costing and economic calculations and a form of marketing (Staff, 2021). This area requires the cooperation of different parts, mutual consultations, and support. In addition, each step of the marketer and the verification of a particular move can be checked by an accountant, who will calculate the corresponding ROI. This way, the company, and its leaders will know if the marketing model was successful and effective.
In general, the accounting department can quickly calculate and provide the results in numbers, whether particular actions on the part of other departments were successful. If so, what kind of benefit did they bring in size? Was the use brought in with a delay or immediately, at a fast pace? Subsequently, economists can analyze the numerical data and descriptions created for them. It will be easy for people to study and company employees far from accounting due to their experience and education.
Finance and Strategy
Many managers currently recognize financial technologies as one of the most reliable and stable under force majeure circumstances. Financial technology serves as a cushion for executives who does not know how to allocate their expenses (Mendoza, 2021). The experience of the COVID-19 pandemic proves that the seemingly most minor vibrant sphere of finance, which is not attractive to many young professionals, has shown tremendous endurance in dangerous circumstances.
Close to economics and accounting, the financial part is also based on graphs and massive mathematical equations. Financial technologies allow managers to calculate the possible increase or decrease in income in the long and/or medium term (Kennedy, 2020). For example, post-COVID-19 financial calculations show exactly the growth percentages by the end of 2022, the same as they showed a year ago. However, any such predictions, even if they are based on verified mathematical calculations, must consider several factors beyond the control of mathematics; the financial sector’s Achilles’ heel may be relative inflexibility.
Despite the resilience of this sector, purely financiers cannot factor in several factors when forecasting. These factors are usually far from the immediate economic sphere. It allows the assumption that the financial sector is performing better with results already obtained or near-obtained when there are months before the final. For example, it is often difficult for the financial industry to calculate and predict what is associated with demand paradoxes and the severe success of marketers and PR specialists. The financial sector has proven itself excellently in calculating the support that employees and small businesses need to cover the costs of the pandemic. The approximate calculations of the financiers turned out to be mostly correct and indeed covered many of the expenses of employees who suddenly found themselves on a remote job or parental leave.
Marketing and Strategy
Marketing has an obvious connection with strategic management, as marketers often exhibit strategic thinking skills in general in their work. A marketer should always be on the alert, aware of the news, understand the psychology of sales and the factors for improving customer service (Jhajharia, 2021). Marketers often and closely interact with customers, much more often than other professionals. By guessing customers’ moods, intentions, and plans, they can easily predict other behavior and future purchases.
Perhaps the number of information marketers have to deal with is too great. Also, the depth of the topics studied sometimes suffers since marketing often seeks to cover a large field of issues without having time to get to their essence without the help of others. Marketers can take on the role of implementers of a corrosive strategy since they, as mentioned above, interact with customers. Suppose scenario, innovation includes not just product manufacturing technologies, but also a specific presentation. In that case, marketers will be one of the most responsible persons to implement this strategy (Kennedy, 2020d). As many people know, marketers often manage to sell an old product in a variety of ways, over and over again inventing a special one. There is, of course, no intellectual innovation in this; however, thanks to such methods, the company can often keep afloat in a financial sense (Kennedy, 2020c). Such marketing moves help companies avoid bankruptcy or stay afloat for at least some time, for example, until they receive new investments or until a new contract is signed.
Making Connections
The joint work of cross-functional teams will allow managers to quickly make decisions, preliminary discuss the received data, and weigh priorities. Such groups are filled with people, professionals in their narrow field, with a common goal (Kennedy, 2020d). Finding and recruiting such a team has never been easy, so many years usually pass before a particular business (in the field of IT, transport, or e-commerce) has a team that works harmoniously from situation to situation.
Strategic management considers the skills and resources that the team and each of its members individually own. The latter allows to manage the actions of one group and to vary the number of team members. In addition, strategic planning can involve shuffling teams and their members to achieve better results. By combining mission, goals, objectives, strategic management allows companies to be competitive with the other. It is adequate even in situations where the company’s earnings are small. Still, the competent investment will enable it to stay afloat for a long time, participate in meaningful projects and remain popular in some circles. In addition, it allows, in general, to improve organizational performance. Subsequently, if the company needs changes, they can be made quickly and easily if an implementation plan is developed (Kennedy, 2020). Such techniques can be created by strategic managers who are well aware of the advantages and disadvantages of a particular firm.
Conclusion
Work in companies should be based on a logical distribution of responsibilities and duties. Managers should calculate these responsibilities under the experience and training of the workers. A company can achieve great results if it divides its work into several people and plans an agile strategy for the future. Strategic management allows companies to use all these resources under various circumstances in the market, including force majeure.
References
Amato, B. N. (2021). See the strategic big picture while managing complexity. FM Magazine. Web.
Criniti, A. M., IV. (2021). 10 most important lessons in economics and finance. Entrepreneur. Web.
Jhajharia, S. (2021). Why strategic management is important in 2021. LinkedIn. Web.
Kennedy, A. B. R. (2020). 2.3 Assessing organizational performance – strategic management. Pressbooks. Web.
Kennedy, A. B. R. (2020b). 2.4 Competitive advantage – strategic management. Pressbooks. Web.
Kennedy, A. B. R. (2020c). 8.2 Corporate-level strategy defined – strategic management. Pressbooks. Web.
Kennedy, A. B. R. (2020d). 8.4 Implementing corporate strategy – strategic management. Pressbooks. Web.
Mendoza, N. F. (2021). Pandemic lesson: Accounting and finance technology tops tech. TechRepublic. Web.
Staff, W. M. (2021). Marketing and accounting: An essential partnership for business success. The Wise Marketer – Featured News on Customer Loyalty and Reward Programs. Web.
Talentedge. (2021). 7 important stages of strategic management process. Web.