10 julio, 2024

Resources of a company: concept, types and real examples

What are the resources of a company?

The resources of a company or business resources are all those factors that provide an organization with the necessary means to carry out its activity. These factors can be of any type: people, machinery, money, a specific technology, among others.

These are all items that are used at some point in the production process. Its functions are varied: to be transformed into goods and/or services for end users, to participate in the previous transformation process, and to distribute the final goods and/or services to the end user.

In addition, the resources of a company are used toacquire new resources, to coordinating the rest of the resources and forIncrease the productivity of the organization.

This type of resources is divided into five groups: human, material, financial, technological and intangible.

Enterprise Resource Types

– Human Resources

The most important resource of any organization are the people, since they are the ones in charge of controlling the rest of the resources to make the production process work.

For this reason, the skills of the workers and the relationships they have between them are especially significant factors for the success of any business; It doesn’t matter what type of employee it is, since they all participate in some phase of the process. The main characteristics of human resources are the following:

They are not owned by the company

The organization can have control over its materials, its machines, its infrastructures, among others; however, he has no property over persons. They offer their skills in exchange for economic remuneration.

Your skills are intangible resources

The qualities of each person cannot be measured or weighed. They are only manifested in the development of his functions within the organization, as we will see later.

They coordinate the rest of the resources

Thanks to people, the whole business can get going; without them it would be impossible.

The more knowledge, the better paid

Some human resources are very scarce. Therefore, the more complex the knowledge, the better it must be remunerated.

examples

A human resource is any worker in an organization. Human resources encompasses everyone in the company: from the president to the intern fresh out of college.

– Financial resources of the company

Simply put, the financial resources of a company are the economic capacity it possesses in all its forms: cash, income, expenses, credits, investments, among others.

Thanks to these resources, the organization will be able to guarantee the implementation of the rest of the resources. Among its main characteristics are the following:

They have different shapes

They can be presented as cash, credits, bonds, shares, among others.

Put the rest of the resources into action

They do this through their acquisition or payment: purchase of fixed and variable assets (material resources), payment of salaries (human resources), paying credits (financial resources), developing new technologies (technological resources) or improving the work environment (resources). intangibles).

They come from various sources

The financial resources can come from the partners themselves (stock capital), from state subsidies, from the sale of products or services, from investor participation or from loans, among other ways.

Its correct management is essential

This is so to be able to rectify the expenses of the company. For this, there are systems such as ERP (Enterprise Resource Planning), a technological resource in charge of managing this type of resources in the best possible way.

examples

Some real examples could be money on hand, in the bank, a loan provided by the bank to finance the purchase of a vehicle, or company shares.

– Material resources

Material resources are made up of all those tangible assets available to the organization, such as machinery, buildings, vehicles, office supplies, computer equipment, raw materials or the stock from the warehouse. Its most outstanding characteristics are broken down below:

tangible

This means that they can be seen, touched or measured.

They can be part of the creation process of other resources

This can be done directly (machines, computer equipment, etc.) or indirectly (land, vehicles, etc.).

Support the production process

They can help the production process run in the best possible way (such as the function of office supplies or fuels), or they can even be an essential part of the final product (for example, raw materials).

examples

If we give the example of a clothing factory, its physical resources could be the factory itself (property), the machine to make T-shirts (machinery), the delivery van (vehicle) and all the garments available in the warehouse (stock).

– Technological resources

Technology is a very important part of a company’s resources. Here are the systems and processes that are part of the activity and that serve to store intangible resources.

These could be computer management systems, the development of proprietary technologies, telephone services, data servers or technological patents, among others. The most relevant characteristics are the following:

– Technological resources store and manage intangible resources.

– Increase the effectiveness of the organization.

– They are usually managed by IT (Information Technology) departments.

– Its implementation has a decisive influence on the use of other resources.

examples

Among the most relevant examples are the famous CRM or CMS (computer management systems), proprietary software created by the company (development of proprietary technologies), or a database management system (RDBMS).

– Intangible resources

Although these resources are sometimes left out of the classification, they are increasingly taken into account; This is because they are the resources that make the difference between a mediocre company and an effective and successful one.

As its name indicates, these cannot be perceived through the senses; that is, they cannot be touched, seen or measured, which sometimes makes their management difficult.

Some of these resources are the knowledge of the staff, the trust between employees, the brand image, the routines that are carried out in the workplace and teamwork. Its main features are:

– They cannot be perceived by the senses.

– Difficult to measure and quantify

– They make the difference between success and failure.

– They can be developed and improved.

– Generally, they have to be combined with other factors to work.

examples

– Have a multidisciplinary and cohesive team (knowledge, teamwork).

– The existence of full trust between workers, facilitating communication (trust).

– That you have established a flexible and comfortable routine (routines).

– That the brand is viewed favorably by consumers (brand image).

Importance of business resources

Business resources are important because they serve to optimize the skills of companies and thus achieve the objectives. It is the basic concept of efficiency, where the aim is to achieve the maximum benefit with the minimum cost.

For this to happen, companies use the Enterprise Resource Planning (ERP) system, which is based on integrating the different business operations, logistics and all resources (personnel, machinery, investment, technology) to seek optimization.

Good management of business resources allows some of the following advantages:

– Saving time and expenses.

– Faster decision making with less chance of error.

– Concrete and visible data to be analyzed.

– Inventory optimization.

– Sales forecasts.

– Flexibility in decision making.

– More ability to react to internal and external inconveniences.

– More communication between departments.

References

HumanResources.com (2017). HumanResources.com. Retrieved from losrecursoshumanos.com
Oliveras, E.-F. (nd). group-pya.com. Retrieved from blog.grupo-pya.com
Miller, GT and S. Spoolman (2011). Living in the Environment: Principles, Connections, and Solutions. Belmont: Brooks, Cole, 17th ed.
The Balance (2017). Beyond Hiring and Firing: What is HR Management?
Mathis, R.L.; Jackson, JH (2003). Human Resource Management. Thomson.

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