Working together towards a common goal is now the core of capacity building and competitive strength of businesses. And, the key to expanding a company or its influence on events is leveraging talent, networks and resources. Through collaboration, effective business results will be delivered sooner rather than later. Because of this, collaboration becomes more than just a buzz word or aspiration. It has become a competitive necessity.
Collaboration among trading partners can strengthen relationships, achieve common goals and identify strategies that are mutually beneficial to the involved parties. It allows customers, suppliers and partners to meet and discuss points of intersections so they can work on them together. It also facilitates communication, letting them appreciate one another’s missions and understand how they can benefit from greater exposure to new opportunities and markets.
Take for instance, the payment system PayPal. PayPal uses collaboration to simplify the challenges that small businesses face today and to streamline commerce. It helps small business owners to spend more time building relationships with their customers to increase their sales. It connected with its key partners to improve customer experiences and to streamline the payment process. It helps small business owners to build an e-commerce function that sells within minutes – a process that usually takes up to several days.
Through collaboration, PayPal improves the experience of its customers by making it easier for small business owners to connect with the market quickly and by eliminating the need for them to share the same information again. It helps them increase sales by enabling customers to pay quickly using information they already stored in PayPal. By leveraging PayPal, small businesses are able to sell to new markets and be backed by the best fraud protection guarantees.
In conclusion, collaboration plays an important role for businesses to survive in a competitive environment. It allowed trading partners to achieve together the things that individual businesses might have taken years to build. By working together, businesses are able to connect with one another, opening opportunities for all involved parties. Most importantly, collaboration built relationships that will serve a wider interest of businesses for the years to come.