'Collaboration' is explained in detail and with examples in the Corporate Finance edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition.
Collaboration proves to be a process where two or more individuals or entities choose to work in concert on behalf of a common goal or endeavor. Intellectual enterprises and other activities that tend to be creative by their nature are often most effectively accomplished through collaboration, which involves learning together, mutually sharing knowledge, and building up consensus. Scientific collaboration is very common because of this.
Most forms of collaboration must have leadership. Such leadership does not have to be in the form of traditional command structures, but can instead be social leadership affected in a group of equals or alternatively that is decentralized. Reasons for practicing collaboration are fairly evident. Teams working together in collaboration have access to a greater number of resources, rewards, and recognition when they compete for limited resources.
Collaboration can be extremely structured. When it is set up like this, then inward looking communication and behavior are encouraged. Such forms of collaboration particularly attempt to boost teams’ successes as they work on problem solving in collaboration. Charts, graphs, rubrics, and forms are all utilized in this type of collaboration in order to lay out personalities and personal characteristics without bias, so that the future and present projects’ collaboration will be bettered.
In business and finance, collaboration can be as simple as a partnership or as complicated as a multinational corporation. Team members that work together in an organization using collaboration achieve superior communication both in the business supply chains and the entire outfit. Such collaboration proves to be a means of putting together the various ideas and concepts of a wide variety of individuals in order to assemble a great range of knowledge and information. This proves to be invaluable to businesses and other organizations that require both general and specialist forms of knowledge from as many viable sources as possible.
Mass collaboration has become a reality as a result of fairly recent technological innovations. These include wireless Internet, high speed Internet, and various Internet based tools for collaboration, such as wikis, blogs, and others. Through these means, individuals from literally all over the planet can effectively share ideas and discourse back and forth via the Internet and even Internet based conferences, without being limited to certain geographical locations or challenges. Thanks to these forms of collaboration in both business and other forms, the possibilities of improving a project’s results are practically endless.
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