Originally posted on the Fast Company website, excerpts below:
We live in a connected world–there are apps today that help solve problems you didn’t even know you had and anticipate needs before you realize them. When you can constantly be connected to the Internet, it opens the door for technology solutions to every challenge.
One way of overcoming current challenges is through collaboration–in unexpected ways–with other companies. Today’s fast-paced marketplace requires mutually beneficial partnerships to leverage creativity, experience and resources, with right- and left-brain thinkers, that can help you arrive at a solution in less time. It’s the classic buy or build question but in overdrive, collaborating to find a better and more efficient way to achieve your goal–because after all, speed is king in highly competitive markets.
By looking for partnerships and collaborating externally, companies are able to innovate much more quickly and even create solutions to problems that may not be prevalent issues yet. While cooperating with other companies in your own industry may seem counter-intuitive to competitiveness–the simple fact is it’s not. Collaboration is no longer just a strategy: it is the key to long-term business success and competitiveness. Businesses that realize this sooner rather than later will be the ones who win the game and succeed in the new global economy.