Benefits of Business Collaboration

Catherine Constantinides

10 years ago

Product development is a risky process, especially in today’s rapidly changing marketplace. Collaborative management is an integral component of successful product development and helps to reduce the risks of unnecessary product iterations, speed-up the time-to-market and ultimately create innovative, customer-centric products that create customer loyalty.

business benefits of collaboration According to a recent post by Kasia Mikoluk, teams who can succesfully work productively with one another help to not only promote creativity in the workplace, but also contribute to a “improving the quality of work, and also fostering healthy and productive employee relationships.”

Mikoluk brings up anothe great point about collaboration: “Teams can accomplish work more quickly and effectively than people taking on projects on their own and collaborative work also keeps employees accountable to each other, which increases motivation.”

The benefits of business collaboration: Customer involvement

A disconnect exists between customers and product development activities. Critical product information from customers is not shared between departments and valuable opportunities to create market driven products are missed.

A recent Gartner research report revealed that:

80% of businesses feel they provide superior customer service; only 8% of their customers think they do.
95% of companies collected customer feedback
Less than 50% of those alerted staff and informed their customers as to how their feedback was used
Only 5% closed the loop by providing feedback on the customer feedback

Want to achieve success in a business setting? Collaborate.