Sharing information with internal and external colleagues is becoming a standard in today’s way of working. With the rise of cloud collaboration and collaborative technologies such as Office 365 and SharePoint, people, systems, devices, processes and assets across organizations are more easily connected than ever.
But while internal collaboration is a natural development of the traditional teamwork applied to modern workplaces, external collaboration might seem a disruptive need. It’s a “friend or foe” question for many business leaders: The speed of these changes might seem overwhelming or risky but it also represents a great opportunity to be more competitive and do things quickly and efficiently.
We explain the 7 key benefits of extending collaboration to partners, clients and other stakeholders, so that you can answer the question for yourself:
1 - CUT COSTS
It goes without saying, one of the most interesting advantages of b2b collaboration tools is to leverage resources and help companies to minimize expenses. Slashing travel and generic operational costs is one of the most immediate benefits of being able to connect and share information easily across distance barriers. Also, as the network of available resources and talent grows, productivity increases and the product development and marketing costs tend to reduce.
2 - ATTRACT AND RETAIN TALENT
Employees value flexible workplaces that encourage the sharing and development of skills and teamwork. Remote workers also demand the right tools to leverage communication and specialty knowledge not only within the company, but also across their entire business network. Satisfied and motivated employees are the best company’s advocates and help in attracting more top talent.
3 - STREAMLINE PROCESSES
Secure information sharing makes business intelligence flow faster, leading to better decision-making and reducing the decision-cycle times. Collaborated knowledge and expertise within internal and external teams also stimulates a quick adaption to changing business environments.
4 - DRIVE INNOVATION
With easier access to additional know-how and resources, your company will have the foundation to develop innovative products, processes or services. Collaborative research is naturally fostered and developed faster and cost-effectively.
5 - INCREASE COMPETITIVE ADVANTAGE
Co-operative intelligence in all business departments, especially information on marketing, costing or product design will increase your competitive advantage by imbuing complementary strengths, capabilities and also best practices in your offering.
Enhanced collaboration enables companies who complement each other to submit joint tenders and compete in markets usually beyond their individual reach, be it through geographic, scale or expertise.
6 - EXPAND MARKET SHARE
Stronger relationships with stakeholders increase your company’s knowledge of the marketplace. This strengthens your ability to identify new potential customers, deliver differentiated products or services, suit different consumer segments, improve customer service and consequently compete more effectively.
7 - MAXIMIZE RESULTS
All of the above will contribute to increase your teams’ productivity, win larger contracts and ultimately to increase revenue and maximize your investments.