The Power of Business Partnerships

July 10, 2012, by Lisa Avvocato in Unified Communications, Video Conferencing

Social collaboration, a combination of social media, visual collaboration and unified communications, is becoming a significant trend in business today. When used together, these technologies can improve products or processes and ultimately drive true innovation which has a direct impact on a firm’s bottom line. This is the third post in a series discussing the benefits of social collaboration. For part one click here.

Today’s global environment is moving at a faster pace than ever. New products and services are continuously being created and modified to adapt to changing consumer and business needs. As a result, organizations need to find renewed effectiveness and efficiency in their business model; a balance between doing the right things and doing things right.

Many organizations are turning to business partnerships to create new avenues for innovation in a variety of different ways. From new products and services to new processes and procedures that can enhance a firm’s productivity while inspiring ingenuity. Wal-Mart, for example, was a pioneer with supplier collaboration by implementing technology that provided real-time, point of sale information to their suppliers. This not only decreased stock-outs but increased sales and customer satisfaction by ensuring products were always available for purchase. Similarly, Apple has created valuable partnerships with manufacturing companies to produce their products; allowing them to focus on their core competencies of technology design and innovation.

The most successful business partnerships are built on a strong foundation of trust which is established through open and honest communications and face-to-face interaction. Two-way data sharing and peer-to-peer collaboration can provide new insights for partners on how to make their relationship more effective and ultimately improve their bottom line.

Vendors, suppliers, joint ventures and other forms of business partners can not only meet face-to-face through video but collaborate through interactive whiteboards. Additionally social networking helps expand an organization’s network providing access to thought leadership, top talent and other potential business partners.

Geographical diversity presents a major challenge in developing meaningful relationships as most business partners located in different countries, if not continents. However, collaboration technologies are continuously evolving to create an effective means of communication. One of the biggest roadblocks for partner or B2B collaboration has been the disparate nature of networks and network providers.

For many organizations that choose to move their video communication to a dedicated network, there can be a “walled garden” created where they are unable to connect to other systems outside of the network. Service providers have been providing so-called B2B exchanges for many years as a way to combat this. Recent trends towards cloud services and carrier interoperability relationships have helped make this type of collaboration easier to achieve.

This post is part of a series covering the benefits of social collaboration within an organization.

Part One: The Rise of Social Collaboration
Part Two: Unified Communications, Unified People
Part Four: Using Collaboration to Increase Customer Lifetime Value

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