Competition is fierce, can anyone doubt it ?
What’s not fierce is collaboration, so can we give that a try ?
Individual businesses can face several limitations when trying to compete in global markets. Through collaboration, businesses can often complement each other and specialize in different areas to compete in markets usually beyond their individual reach. Speed in achieving business outcomes, better decision-making processes and greater customer satisfaction are some other benefits. However, this doesn’t mean that it requires businesses to give up all your business ‘know-how’. It is all about collaborating in a way that allows companies to complement each other without risking their market share or intellectual property.
Innovation hubs, group marketing ventures and social collaboration are rising trends on the business scene – but what does this mean? Simply, it means that businesses can no longer cut it by working in siloes to build a customer base.
“Collaboration itself is the key to constant innovation, and the saying ‘Innovate or die’ isn’t being over dramatic – If you don’t commit to innovation in today’s economic climate, your business won’t be sustainable,” “The demand for tools, systems and structures that allow for collaboration are skyrocketing, because the benefits are undeniable.
“Today technology has accelerated the need for – and access to – real time information about the market, our customers and our competitors,” “It means that everything happens faster, and customers demand more from brands. Ensuring that everyone is pulling in the same direction and sharing information in real time, translates into more opportunity to uncover that insight or idea that has the potential to drive growth.”
“The more you know by collaborating with others the better the possible outcomes you can deliver.”
“If you want to go fast, go alone; if you want to go far, go together ― Paul Oberschneider
It finally creates higher value for all stakeholders by creating a healthy competitive landscape, shared responsibility, and collective knowledge which perpetuates innovation and industry success.