Given that the business environment of the 21st century is defined by rapid changes and innovation, it is essential for any organization, regardless of size, to create interrelationships between its different business departments. In fact, several leading business figures argue that the key to remaining competitive in today's marketplace is to create synergy. The only way to essentially create synergy in an organization is to allow different business functions to share information and collaborate with...
Given that the business environment of the 21st century is defined by rapid changes and innovation, it is essential for any organization, regardless of size, to create interrelationships between its different business departments. In fact, several leading business figures argue that the key to remaining competitive in today's marketplace is to create synergy. The only way to essentially create synergy in an organization is to allow different business functions to share information and collaborate with one another. However, this idea must be preached from top-level executives in order for it to trickle throughout the organization and take effect.
While most of us are familiar with the classic "hierarchy model", this particular structure is becoming less effective for many corporations as it isolates business functions and consequently, prevents the creation of synergy. As a result, more and more organizations are adopting "flatter" structures that enable their various departments to share resources and enhance overall organizational performance. For example, while departments such as Finance and Marketing were traditionally viewed as polar opposites, many organizations are now creating interrelationships between these two departments to improve the efficiency of their marketing methods (e.g. using financial tools to analyze the return on investment of particular marketing campaigns, assessing the financial viability of certain products).
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