There’s no one-defined definition for Strategic collaboration but most analysts have come up with several sound definitions to describe what this concept is all about. Simply put, strategic collaboration is a joint effort among two or more entities to work together towards a specific goal. In business terms, strategic collaboration is the practice of working with others to help them achieve their goals. In academic terms, it is used to refer to the joint efforts of scholarly researchers in order to bring about research that advances the field of study or at the very least sheds new light on it.
Collaboration has the potential to change the business world and create new partnership relationships, and many companies often utilise this concept. Collaboration in business has been prevalent throughout the history of human interaction. For example, many people work better when their work is shared, when they have colleagues that they can ask for advice from, when they can openly discuss problems without being afraid to speak their minds, and when they can openly seek assistance from other organisations to solve problems. The practice also stems from the fact that most people enjoy greater job satisfaction when they are involved in meaningful work with other individuals who share similar values and interests. When corporate managers take the time to establish effective collaboration between their departments and with partner organisations, they often find that their employees grow and flourish and that they have more fun in the workplace. These partnerships allow companies to expand markets, to gain new customers, and to increase their overall profitability.