Unleash Collaboration
March 2019 marked the launch of Apple Card when Apple unveiled its new credit card in partnership with Goldman Sachs Group Inc. and Mastercard. Apple’s services business already included Apple Pay (Apple’s mobile payment service which allows iPhone users to pay with their devices), but Apple looked for a more versatile payment product with wider options to give its users the flexibility and advantage of not paying with anything else. Merely, because Apple Pay was overshadowed by hardware sales and still is not universally accepted as compared to Mastercard.
Apple’s strategy to collaborate with Goldman Sachs on the Mastercard network elevated Apple’s rewards on its spending, as well all the purchases made on the card via Apple Pay. The company has strategically moved a step ahead to capture not what just its customer consume but also to keep control of the financial means they use to do so.
For Apple, the Apple Card brings the recurring revenue from its customers and leverages the device ecosystem to provide financial services to iPhone users. While for Goldman Sachs, the company brings everyone’s attention to its financial products and gets a vast customer base to learn and use the company’s online consumer bank which it launched in 2016.
In contrast, the joint venture had its own fair amount of benefits attached to the organization’s strategic alliance. And this is why collaboration is important.
As quoted by Steve Jobs, “Great things in business are never done by one person.” Collaboration is crucial to business success. It is when all people work together in a healthy setting with shared goals and objectives.
Let’s look into how collaboration is vital.
Different Perspectives
When people with different backgrounds, cultures, ethnicity, and skillset come together, they create unique experiences. Open thinking and creativity combine and help to tackle a single problem in numerous ways. You get to learn from each other.
Rapid Innovation
A collaborative environment pushes you to churn out dynamic and innovative ideas. You have to match your pace with the up-to-date technology and new trends to be in the limelight or your organization witnesses a mediocre death like Yahoo.
Greater Productivity
When you’re surrounded by like-minded people, you absorb positive energy, motivation, and confidence in yourself. And this is where your work becomes productive. You develop open communication with them, share different insights and outlooks, as a result, it helps you both personally and professionally.
High Adaptability
The real challenge is to withstand the change, risks, and shortcomings. Collaboration keeps you flexible when you effectively put together resources, goals, talents, and energy that can help you to handle the unexpected changes your business comes across.
Owing to its various advantages, when you step on a journey of collaboration, keep in consideration the below points.
- Collaboration involves a high level of communication and mindset which is different from working independently.
- Have crystal clear alignment of your common goals and objectives. Misinterpretation of any kind can sabotage the collaborative effort.
- Jot down your mission, action plan, and roles of every person to form clarity and understanding.
- Be open and accept other person’s ideas and skills towards a task. Maybe it can teach you a different way of problem-solving.
- Establish open communication and get rid of your inner doubts that can obstruct your work.
- Bе ѕuccinct about financial and time commitments and the dіstribution оf bеnеfіtѕ from the рrоjесt.
- Trust your collaborator as the commitment built on mutual respect and trust keeps you motivated and creates new energy bigger than both of you.
If you’re looking for a long-term commitment to help you provide business solutions, get in touch with us. Let’s hop on a collaborative journey to generate greater revenue streams as a joint venture!
