What do we mean by functional knowledge?

By functional knowledge, we refer to the knowledge of business processes. The functional leader shows broad knowledge of and interest in business products, systems, and duties and/or shows competence in a specialized functional area.

 Functional knowledge is the knowledge that can be included in different domains. The knowledge that may be efficient in every domain is called domain-independent knowledge or functional knowledge, for example – financial processes (order to cash processes, procure to pay processes). All of these processes share some common logic and fundamentals that remain true and valid for all domains and different businesses. The best functional best practices can be easily leveraged across different business units, geographies, or products.

What does functional excellence mean?

By its very nature, functional excellence comes from functional expertise, and the applicant is able to demonstrate confidence in a function to deliver on the company's goals and objectives. Functional excellence is the ability to demonstrate a depth of knowledge and skill in a functional area.

It further means being aware of the following attributes:

1. Customer Orientation

• Offers not only standard solutions and/or products but develops also individual solutions according to customer needs

2. Result Orientation

• Achieves planned individual results and acts as a facilitator of team target achievement
• Understands the impact of own action on team/function results
• Supports functional team regarding result/target achievement

3. Service Orientation

• Follows a clear, self-driven service approach: is sensitive towards customer needs and requirements
• Acts pro-active

Business Knowledge

• Shows broad knowledge of and interest in business products, systems, and duties and/or shows competence in a special area
• Has a deep understanding of his/her function within the business, is aware of dependencies to other functions
• Knows how to use knowledge for his/her function

Why acquire functional knowledge?

Functional knowledge helps professionals understand how a company operates and what are the standard business processes. It talks about the best practices in particular areas. This understanding of the knowledge of business fundamentals helps executives to think strategically and then take appropriate business decisions. It adds to their ability to think and take timely and appropriate business decisions.

How TechnoFunc helps?

Our functional knowledge resources help you gain a fundamental understanding of different business processes which helps in the development of strategic skills. Clubbed with good leadership and managerial skills it helps business executives to drive efficiency and effectiveness meeting business objectives.

Explore our section on Functional Knowledge to learn fundamentals and standard business processes. Browse process-specific tutorials by clicking on the image for the business process area of your interest.