Collaboration – is it a temporary hype? Or does it have real business potential?
The term collaboration has almost become a buzzword in business. When taking a closer look at it and comparing it to the individual approach, collaboration requires more effort: careful discipline, more governance and engagement from all team members. Yet still, especially in the field of innovation, collaboration has been trending in relevance and importance. According to a PwC study, collaboration is one of the top priorities as recorded by CEOs – with 86% of the questioned persons stating it as a very important skill.
We have looked into the reasons why innovation through collaboration is now more effective than ever:
- Combining skills and knowledge
The convergence of skills and expertise offers deep know-how of certain topics. When combining contributors from different backgrounds, groundbreaking solutions can be found.
- Faster technologies – faster reactions
With the growing pace of new technologies rising, companies are required to react fast in order to remain at competative advantage. Luckily, the evolution of communication allows rapid in- and outflow of information to accelerate innovation.
- Use of network
The collaborative approach urges the use partnerships, even the most unconventional ones. Stakeholders who were once considered irrelevant (e.g. other industries) for business or even a threat (e.g. competitors), are now seen as a potential partner for mutual creation.
- Results and efficiency
When working in a dependent setting, all parties need to put in extra effort in order to be synchronized and productive. The reward is higher efficiency, increased engagement, and better chances for financial success.
We believe that collaboration is a brilliant tool to unlock eachother´s potential. Nowadays having a realiable network is one of the most valuable assets on can have, and using it – connecting people and ideas to create business value – increases it´s worth even more. And even though collaboration sometimes seems overused, it holds a lot of undiscovered potential that can bring the innovation market to another level. After all, it is the mutual help and support, the exchange of inspiration and enablement, and the power of collective thoughts and ideas what makes the collaborative approach so effective.