Summary: The management refers to a small team of executive officials who run a business. In a fashion brand, business management functions both in micro and macro setups and oversees the smooth running of its operations. Here are the different areas where business managers play an active role.
In today's fashion brands, business management is accorded the highest priority. And, why not? It is the management that takes a call on the profit margins and procurement based on risk assessment. It practically drives the operations toward identified goals. With big brands in fast fashion and those in the niche segment of haute couture increasingly relying on global operations, a business manager has become a coveted position and a much sought-after job in the industry.
Let us take you through the different areas that management has to oversee during its day-to-day operations.
You might want to know what exactly business management is. There is a simple answer to it. Business management is a collective term that refers to an executive team that runs a business. But the scope of work for a business manager is more complex than this oversimplification would tend to reveal. The management oversees the execution of all policy-level decisions that encompass a network of overlapping roles such as procurement, staffing, finance, and planning. With such a challenging role engaging the entire resource pool of an organization, business managers use artificial intelligence (AI) and technology, such as business analytics, for smooth operations.
The scope of operations for business management is not limited to the specialization in one key area. Rather, it deals with a set of cross-functional roles and the areas that fall under their supervision. The management of a business takes care of everything; right from streamlining operations and managing supply lines to inter-departmental planning, coordination, and profit maximization, business management has its hands full. The scope of operations for management in a fashion brand can be divided into these four key areas.
Profitability is every business’ ultimate goal. Business management works in the following areas of finance to keep a brand profitable.
A business is as good as its human resources. Here are some of the key areas in human resource management.
In a modern-day fashion brand, procurement of materials, supply, and warehousing form a crucial role. Business management’s scope of work extends to:
Materials do not include just heavy machinery and equipment. Technology and AI used in business analytics and logistics also fall under business management’s scope of work.
When it comes to a clothing business or a fashion brand, there is a team of executives working overtime to keep it operational and profitable. This motley group of executives who are in charge of all the operations is collectively addressed as business management. The management oversees the functioning of all departments, executes the policy, and drives the personnel toward organizational goals. The key areas of their work include planning and execution, operations and procurement, and finance and bottom lines.
If you want to streamline the business management of your fashion brand, Fashinza can help with timely procurement, supplies, and deliveries at competitive rates. Our AI-powered platform can ensure that your supply chain is optimized and scalable.
Connect with our executives today!