According to research, 56% of executives point out a collaboration-related measure as a factor that has the greatest impact on their organisation’s overall profitability.
Collaboration, being the driving force for every company, is not just beneficial inside the company’s bubble.
We hear advantages of team collaboration in the workplace and remotely. But not nearly enough have we heard of the importance of collaboration between businesses.
How important is business-to-business collaboration?
Did you know that it can bring success to your business?
Integrating B2B Collaboration
Business-to-business (B2B) is the commercial transaction or exchange of services, products, data, and information of one business to another, instead of between a business and a consumer.
Depending on the industry, a business would need to source materials, services, goods and even support (e.g. matesourcing) from other businesses. It is not ideal for a business to operate on its own without help from others. So as the old saying states, “No man is an island”, the same goes for business.
However, more than the acquired help and support, a business can benefit from B2B collaboration which can lead to its success.
How B2B Collaboration is a Cut Above the Rest
Increased Business Intelligence and Wisdom – Collaborating with other businesses opens a world of a bigger perspective of what business really is. It leads to discovering new ways of shaping the business. The experience increases business intelligence taking advantage of the wisdom reality teaches, thus helping the business deliver good judgment and decisions and eventually leading to the company’s success. Moreover, B2B collaboration can spur creativity and original thinking as a result of bringing together different voices, ideas, expertise, and specialties. Thinkers will be more than challenged and motivated to think better, dream more, and create innovation for the company’s future.
Better long distance relationships – Business culture is the key to a successful collaboration. Collaboration within the workplace, especially for those working remotely, is already challenging, more so in B2B collaboration. Although tagged as a challenge and not an overnight quick fix, B2B collaboration and co-branding relationship have now become easy using a number of online tools created to make way for possibilities.
Dead Drop Software is an example of a powerful tool that allows easy, secure, and immediate B2B collaboration. The application, available for a 30-day free trial, keeps data safe from prying eyes. Maximising the tools’ features, businesses can easily perform essential tasks, breakthrough workplace cultural differences and leverage these differences into a creative outcome, by complementing each other’s strengths and weaknesses for mutual benefit.
Effective communication is the key to a successful collaboration in business which is achieved by a centralised communication. Centralised communication is a solution in consolidating multiple communication channels per business partners and contacts and avoid losing important messages and files shared, it is wise and smart to get the aid of a collaboration software.
Measure Actual Return on Investment (ROI) – Available today are powerful online tools encompassing extensive analytics that can measure and determine real ROI of all the company’s efforts. However, without effective B2B collaboration, these tools are nothing but white elephants. Online tools need effective collaboration to clearly define how to use the tools for the business, depending on their purpose and functionality.
Compelling Results of Increased Profitability – According to a research on collaboration and innovation in the workplace by Google for Work, 56% of respondents (business executives) pointed out that a collaboration-related measure made the greatest impact on their organisation’s overall profitability. Additionally, according to AberdeenGroup’s business value research, the B2B collaboration resulted in administrative savings and improvements in a business’s key performance metrics.
Leads to Innovative Outcome – Two brains are better than one. How much more a bunch of brains working together? If something cannot be accomplished by just one person, two or three or even more people most likely can get it done. Sometimes one perspective boxed a company in coming up with solutions. Getting help from other businesses with different eyes for the same problem can make such a big, useful difference. It has been proven many times how collaboration contributes to the innovative outcome.
Katherine W. Phillips, Professor of Leadership and Ethics and senior vice dean at Columbia Business School, through Scientific American:
“Decades of research by organisational scientists, psychologists, sociologists, economists and demographers show that socially diverse groups (that is, those with a diversity of race, ethnicity, gender and sexual orientation) are more innovative than homogeneous groups.”
It Expands and Grows Business Network – Business to business collaboration helps expand and grow business’ network. According to Alyssa Gregory through The Balance,
“Being successful in business requires that you consistently make connections and form alliances. Imagine how your business would dwindle if you continued to network with and sell to the same group over and over again.” Expanding business network does not only make a business known to other businesses but also promotes referral upon referrals which increases the possibility of converting these referrals to actual return on investment.
It is Good Business – Google for Work and Raconteur conducted a study of workplace innovation. A survey was conducted to 258 C-Suite executives from North American companies. The study revealed that:
“employees feel confident that collaboration within a business has a positive and tangible impact on the organisation and that efficient ongoing collaboration has a fundamental impact on business innovation, performance, culture and the bottom line.”
Mentioned above are just some of the advantages of B2B collaboration.
Benefits are piling up and most companies have already enjoyed the results.
How about your business? What value does your business place on B2B collaboration?
Guest Blog by Don Harold of Dead Drop Software
Share your thoughts below.
