Discuss: Variety of functional strategies that can be used to achieve organizational goals and objectives.

Functional Strategy

A company cannot rely solely on the organizational strategy for success. Within the organizations, the entity needs to assign specific goals and objectives and also specify the outcomes expected from each department, reviewed periodically. Functional strategies are these said goals and objectives. Each department including HR, Research and Development and Information Management have an approach used to help achieve organizational goals including human talent, innovation, and efficiency. Human Resource Management strategies include plans which involve the selection and recruitment of human talent. This strategy must aim at staffing the organization with people most likely to help the organization fulfill its goals. The strategy must also develop methods of managing culture especially if it’s a global organization.

The Research and development function focus on innovation of products and services or improvement of existing products. The strategy should determine how the company assesses the technology required, the internal development of the products or external acquisitions. Every company wants to be an innovation leader rather than a follower. If the company is a leader, it achieves differentiation in the market, and if it is a follower, it maintains overall low costs.

Information management strategy, on the other hand, aligns the department with corporate policies for strategic advantage. The department’s goal is ensuring the company uses the data they receive and collect in the most deliberate way possible. They should ensure data usage is efficient, and that the customer is satisfied.

The purpose of developing functional strategies is to support the business strategy by driving organizational objectives at the functional level. These strategies continually improve function by resolving one problem at a time. Sometimes problems detected at the functional level lead to the development of a new corporate plan. HR, R&D and Information Management are some of the functional strategies that can be used to achieve organizational goals.

References

Lasserre, P. (2017). Global strategic management. Macmillan International Higher Education.

Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy. pearson.