Introduction
In the 21st century, the landscape of the business environment is becoming increasingly complex. Following the emerging trends of progress-conditioned globalization, modern supply chains exhibit a similar tendency as they become expanded. Global supply chains are intricate mechanisms with several key elements that interact to create the driving force of the business and its sustained growth. More importantly, the actual scope of a global supply chain is larger than it may appear. It includes several integral components that encompass the majority of employees and shareholders engaged in the company’s operations. This paper aims to explore the roles of marketing, human resource management, and finances in the proper functioning of a supply chain. It addresses the key defining characteristics of these components, explaining how they contribute to the development of the organization.
Business Function Responsibilities Analysis
Marketing, human resources, and finance are three key instruments that support the resilience and viability of a supply chain. They address different dimensions of a business, allowing it to sustain its development when executed correctly. The concept of marketing refers to the process of connecting the company’s product with its audience through the examination of the market and communication. According to Ardito et al. (2019), marketing has become essential for supply chain integration in the age of digital technology. An appropriate marketing model is capable of presenting the advantages of the company in a compelling way without exaggerating or misleading statements. It engages the most efficient communication channels to inform the end consumer about the benefits of the product, thus strengthening the position of the business.
At the same time, modern companies increasingly acknowledge the role of human resources in their operations. From the perspective of a supply chain, this aspect is as crucial as the product itself. The study by Ul Haq et al. (2021) indicates that this relationship is underdeveloped in today’s body knowledge, despite the direct correlation that is observed in this area. Efficient HRM programs help firms develop their human capital, building stronger, resilient units. When human resources fully utilize their potential, the employees of the company have a better level of knowledge, which includes the supply chain. This way, professionalism, expertise, and motivation contribute to the timely identification of growth points within the chain.
Finally, financial matters are of paramount importance for the supply chain management. In addition to being productive and goal-oriented, business operations require a certain level of profitability. One of the key targets in terms of supply chain organization consists of minimizing the costs without compromising on quality or efficiency. The use of advanced financial forecasting instruments is a major component of this work. Prior to implementing new initiatives and models, the decision-makers can evaluate their projected effect on the supply chain in financial terms. This way, risks are reduced, as impressions are made before the actual expenses occur.
Conclusion
Overall, marketing, human resources, and financial management are the three pillars of a thriving supply chain. Each of these components addresses a specific area of expertise, the combination of which creates a strong and resilient supply chain. Marketing is essential for ensuring positive communication between the brand and its audience. Next, human resource management supports the internal growth and strength of the company. Financial management is equally essential in terms of forecasting and analysis, allowing for cost optimization. When the product is made by motivated, developed talents and presented to the public in a manner that is appealing while minimizing the costs of operations, businesses generate sufficient profits to sustain their growth. This way, all parties involved in the market relations benefit from the interaction. Consumers receive a quality product or service, and providers see higher profit margins with good development prospects in the long term.
References
Ardito, L., Petruzzelli, A. M., Panniello, U., & Garavelli, A. C. (2021). Towards Industry 4.0: Mapping digital technologies for supply chain management-marketing integration. Business Process Management Journal, 25(2), 323–346. Web.
Ul Haq, M. Z., Gu, M., & Huo, B. (2021). Enhancing supply chain learning and innovation performance through human resource management. Journal of Business & Industrial Marketing, 36(3), 552–568. Web.