The role of a purchasing department is to procure goods and services for an organization; thus, it's also referred to as the procurement department. Companies, universities and governments all have this division to make purchasing decisions on their behalf.Know More
The department is a cost optimizer, always looking for ways to secure the best deal from suppliers. However, it's not just looking for low cost; it's also looking for high quality and service guarantees.
Purchasing departments generally solicit bids from potential vendors by putting out a request for quotes, or RFQ. The RFQ will specify in detail the department's requirements. Vendors are given a time frame to respond within, along with their cost quote to fulfill the requirements.Learn more about Business Resources
According to the Houston Chronicle, the functions of a research and development department are to engage in new product research and development, existing product updates, quality checks and innovation. The functions of this department are closely related to the functions of the sales, production and other divisions, requiring collaboration. The department is crucial in developing new products that are competitive in the market through extensive product and market research.Full Answer >
The finance department plays a huge role in business because that's where the money is. The finance department knows how much money is needed to pay vendors, secure clients, cover bills and pay employees. This department is also in charge of filing taxes, keeping up with the current value of assets, and knowing how much cash flow the company has at any given time.Full Answer >
An organization's personnel department handles a variety of critical functions that help meet the needs of business owners, managers and staff. Personnel departments hire and train employees, implement company policies and procedures, handle specific performance issues, determine employee salaries, ensure that fair labor laws are followed, terminate employees and much more.Full Answer >
According to the University of Maryland, the role of the marketing department in any organization is to provide and support the organization with relevant, effective and targeted advertising and promotional ideas for the brands and services that are offered. A marketing department will help customers understand the value of the products on offer.Full Answer >