Business Intelligence Center

Beyond Boundaries: A New Role for Finance in Driving Business Collaboration

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Abstract:: Business collaborations are on the rise as companies around the globe of all sizes and in all industries seek collaborations to enter new markets, expand their products and services, and control costs.

As companies enter into more complex networks of alliances, they are turning to finance to evaluate the strategic fit and performance of these partnerships.

One key for success in this expanded role is finance's ability to communicate with and build trust among internal and external partners. To do so most effectively, say finance executives experienced with alliance building, finance should be involved early in the process to develop and evaluate the alliance; should work closely with business units; and should insist on clarity and transparency in communicating with partners.

Finance executives say they are most successful in doing this when their companies formally dedicate resources to the partnerships and their finance IT platforms are standardized to support their decision making.