BUSI 1604 – Foundation of Scholarship and Research
Business Collaboration – A new strategy to success
Is business collaboration, rather than market competition, becoming the key to success?
Discuss in relation to two Sectors.
Table of Contents
The business value of collaboration 5
Information technology 5 Automotive Industry 6
Collaboration is a joint effort and well-defined relationship entered into by two or more organizations to accomplish a task or project. Successful collaboration is defined as “a win/win arrangement that is likely to provide improved business success for both parties”. (McClellan, 2002, p20). Organizations are…show more content… Another major challenges of any technological industry is R&D and capital expenditures, the R&D and capital expenditures cost is more than innovative output (Fritsch and Franke, 2004). For this organizations have been progressively prompted perform cooperative R&D to establish technological collaboration. For industries to sustain in market they often requires knowledge beyond organizations boundaries in order to overcome the existing technological base and dynamics, which requires innovation to create innovative technologies to compete against other industries to sustain in the market, industries think “two heads are better than one”, Some tasks may be accomplished more easily by two entities working together than by one working alone. So industries are collaborating to develop variety of products, which leads to the business success. The speed of change, particularly as businesses look to move into new areas in tough times, mean that the industries must invest more in creative-focused R&D, and look to exploit existing strengths through new business.
Reid, B. (2010) elaborates on the creative perspective of collaboration by citing an examples of the famous social networking site Facebook joining hands with formally-stable industry Zynga games to provide an additional feature to its users. This collaboration was a so successful that, the revenue of the both the industries boosted so high that marked a record breaking hits. As this helped them to