Alliances & Partnerships
Strategic alliance is generally, a voluntary relationship between two or more organizations which is formed based on the mutual need of these independent organizations (e.g., suppliers, manufacturers, distributors, retailers). The aim is to create synergy resultant from the integration of business functions and activities and a growing number of firms have made a conscious effort to forge strategic alliances (or partnerships) with other firms.
These collaborations can create new opportunities for competitive advantage, open new markets and broaden organisational capabilities. Alliances & partnerships aren’t just an emerging trend but a new core competency for leading businesses across industries.
Partnerships have the power to serve mutual customers better and to address an urgent need, with more expediency and efficiency than either individual entity could do alone. Moreover, it helps in addressing long-standing challenges – or to completely retool how we’ve previously addressed opportunities.