Corporate Collaboration For Profitability And Revenue

Benefits of Corporate Collaboration

Discuss about the Corporate Collaboration for Profitability and Revenue.

The world of today is a competitive one with many companies striving to achieve the maximum profitability and revenue. Companies are looking forward to device plans and ideas, which can help him to identify the key areas, which support the ideas of profit maximization and revenue collection and thus help the companies to perform better. There are many ways, which help the companies to achieve their target and be at par with the other competitors in the market. The ways include many options like overseas expansion, restructuring the organizational structure and collaborating with other competitors to gain business edge. Collaborating with other companies or the competitors can prove to be one of the most efficient ways to achieve the target and thus be ahead of the competition in the market. This essay explores the scope of collaboration in the corporate sector. It examines and discusses the benefits, advantages as well as disadvantages of collaborating in the corporate sector. The write up analyses the ways through which more revenues can be generated with the help of collaboration, the hindrances or the obstacles that gets in the way and the ways through which the benefits can be achieved sooner for the company. The essay also discusses how the rainmakers can profit from the collaboration and how collaborations help in organizing for higher value work.

The professional service firms who are operating in the technological or other sophisticated field, facing various complex issues in client management prospective. However, the collaboration among the managers can minimize the complexities and approach towards the higher profitability state. The clients of such firms also prefer to see the corporate encouraging the collective expertise among them and the loyalty of the clients also depends on that[1]. In the firm’s perspective the collaboration is beneficial as of competitive advantages pursuance. Whereas, according to the organizational people prospective, it is not quantifiable and accrues in slow rate. Thus, organizational collaboration is hard to implement among the senior and junior managers and such practice groups.

The financial settlement of multidisciplinary collaboration is instantly recognizable in a firm. Thus, the concept of client engagement can be evaluated in the context of corporate collaboration and relate to the annual revenue generation of the firm. The study by Gardner shows that, “the greater the annual average revenue the client generates”. The discussion on the corporate collaboration also includes the cross-specialty work which cannot be subjected to the price-based competition of the market. However, the client of a firm considers the single specialty since they feel it hard to work in cross-specialty context[2]. However, the clients of various companies prefer to communicate with different offices structured as different countries. The research shows that, both individuals and the corporate leaders need to lower the complexities and barriers to successfully collaborate among the different divisions and the partners.

Obstacles to Successful Collaboration

In the professional services organizations, the senior executives who use to manage higher responsibilities along with the authority engage more organizational people in the collaborative works. The collaboration is managed through the multidisciplinary projects to build loyalty approaching to switch barriers among the various departments and the corporate partners. The study by Gardner shows that, there is always a chance of generating more revenue by collaboratively operating in many countries and handling with seamless services for the global clients[3].

However, the benefits to individuals can be assessed with the collaboration in corporate level in the firms. A corporate life use to have cooperation among the colleagues in a particular organization. Thus, the collaborative working environment is needed. The team work can minimize the complexity in business operations and also it can influence the individual skills set with the knowledge sharing context and the learning processes[4]. The collaboration among the team members and the executive can lead to acquire and share expertise in a specific field of work in an organization[5].  However, not all the colleagues can be managed to implement collaboration among them for this purpose. In this case, the preference of the client towards the expertise should be focused to engage people for the collaboration management. Along with that, the referral by the colleagues for few clients can be utilized with the help of collaboration in corporate level. Hence, the organizational people should implement collaboration among them to get individual benefits[6].

The collaboration among the corporate in a firm should be increasingly acknowledged as for the importance of the sustainability concerned for business practices. The corporate collaboration focuses on the orientation of the critical tasks and the complexity of work performances of the employees by reaching the common ethical grounds. The collaboration can be subjected by the interpersonal competence and the strategic management of the senior executive of a firm[7].

The cross-sector partnership also enables the professional services organizations to involve in specific conditions and develop various sustainable strategies to serve their business clients with proper support. However, the restrictive market conditions also affect the collaboration in the different departments of an organization and hence influence the supportive services for the clients[8].The collaboration among the business partners and the executive of an organization raises the profile of the organization in front of the clients and the individuals involves in the client servicing also gets benefited with the professional evaluation in their career.

Strategies for Successful Collaboration

The cross business operations among the clients and the organization may raise the context of risk in the agreements and the business processes. The clients of a business generally focus on the profitability position of the firms along with the honesty in business deals and the prospective opportunities in from the business processes. The organization can ensure their clients with the help of the organizational representative and their positive personality which can be developed with the strategic collaboration among the managers and the executives. The organizational structure and the compensation strategies should be aligned with the motivational approaches to the employees to implement collaboration among them[9]. 

A successful collaboration can only be achieved with the help of the contribution and participation of employees of the company and the management. The company can perform to its optimum capacity only if the employees and the management can work together at peace. In order for a collaboration to be successful, all the cogs in the machinery of a corporate set up should work properly. The hindrances that may come in the way of a successful collaboration are many. They are the following:

A negative environment in the corporate set up can damage the collaborative process and environment. If the employees of the company are suspicious and complex, then the process of collaboration becomes a little difficult. If the employees of the company lacks trust and indulges in autocratic individual meritocracy, then a successful collaboration can never be achieved[10].

The own interest of the employees of the company often come in the way of a successful collaboration. The individual personality of the employees often act as a barrier to the completion of a successful completion of collaboration. The lack of competence, and the presence of individualistic point of views often prove to be a hindrance in the path of a collaboration.

The  personal agendas of the employees of the company can prove to be an obstacle for a successful collaboration. The protection of each individual units can result in an incomplete or unsuccessful collaboration[11].

Employees of a company are often intolerant to the varied perspectives from their own. The mentality, the socio-economic culture and the boundaries often dictate the perspectives of the employees of the company.

The benefits of a successful collaboration are many. Once implemented, the collaboration can bring in huge amount of changes in the corporate set up. The huge amount of impact that the collaboration brings in the company can affect the employees as well as the management of the company. The collaboration can bring in a whole range of benefits to the company. They include financial benefits, human capital, physical capital, intellectual capital and development of new processes[12]. The financial benefits include the increase in the export or domestic sales, reduction in costs by sharing resources, and winning larger contracts by submitting a joint tender. The benefits to the employees of the company include safeguarding the jobs, increasing employment, give confidence to staff motivation and consist of building up the abilities and skills of the employees. Information sharing, engaging in collaborative research and development, all can benefit the intellectual capital of a business. The company can develop new processes for helping the company achieve the maximum profitability and productivity. Increasing the knowledge of the marketplace can help the company to identify the new potential customers and give them an added advantage for competing more efficiently[13].

Cross-Sector Partnership

Rainmakers are the individuals who bring in money, clients or respect to a company based on solely his association. He is a person who brings in new scope of business or new business to a particular company and wins new accounts almost surrealistically. The rainmakers help the company to find new work and new projects, which help the company to move forward and help them to achieve their potential and target revenue. The rainmakers help the companies to collaborate and achieve their ultimate objective of staying ahead of the competitive race. The main purpose of the rainmakers is to bring in business to the organization. In this process, the rainmaker can bring in various businesses and collaboration to the company. With the collaboration, the organization can benefit greatly and thus the rainmakers too can benefit from the profit of the company[14].

Collaboration can be existent between two companies as well as amongst the employees of the company. The company can be divided into two broad sectors to achieve the desired result. The company can act as a coach to help with lowering the cultural barriers and they can act as architects so that the structural barriers are lowered. The leaders, who want to imbibe a culture of collaboration, should help the employees of the organization to model the correct behavior by contributing to the client work and by sharing the credit with the other participants. The top leaders of the company can take simple steps that allow them to garner more connections. By acting as an architect, the people or the leaders of the company can help bring in structural changes in the company to help with the collaboration. By bringing in new structural changes into the company, the collaboration can be successfully implemented into the organization. A successful collaboration needs to be identified and rewarded sufficiently. Ability to learn from the collaboration as well as benefit the organization are two key requirements that a company has to deduce from a collaboration.

The research has focused on the dialects of corporate collaboration for the business organizations and the study has incorporated with various journals based on practical research experiences. The study concludes that, the corporate collaboration is not only beneficial for the organization, but also for the individuals working there. The study also concludes that, the collaboration is needed to be implemented to enhance the culture of quality work and immediate benefits with effective growth. 

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