Businesses are increasing collaboration through social and business networks
A new report, entitled “Collaborate to Win”, produced by CFO Research in collaboration with Ariba, has shown that a number of companies are capitalising on the convergence of modern technology, such as cloud computing, mobility, social and business networks in order to increase collaboration with customers, suppliers, and peers.
The report shows that companies are increasingly connecting to business networks to manage commercial relationships, in the same way consumers do so to manage personal relationships. CFO Research conducted more than a dozen in-depth interviews with executives, academics, consultants and others in order to gain insight into how businesses are using these networks to gain competitive advantage.
By having the ability to communicate more openly and freely with employees, suppliers, and customers, companies are able to tap into capabilities to address challenges and see new opportunities, that may previously have been overlooked. As a result, these companies are able to deliver value to every aspect of the business and increase profits.
Author of the report, Josh Hyatt said, “Just as earlier forces such as desktop computers shifted the basis of productivity generation, so too are business networks changing how companies identify and work with all kinds of partners. Businesses are learning how to collaborate more efficiently, digitally connecting and cooperating with people and entities both within and beyond the confines of their particular enterprise.”