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Professional Service Firms and Collaboration Article Pdf 2022

   

Added on  2020-04-13

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Running Head: ARTICLE SUMMARY – PSFs & COLLABORATION1Title: Article Summary – Professional service firms and collaborationName:Institution:

ARTICLE SUMMARY – PROFESSIONAL SERVICE FIRMS AND COLLABORATION2IntroductionThe current business environment has become ever more competitive, uncertain and prone to rapidly change. Faced with such a demanding environment, inter-firm collaboration, where firms need to work with fellow organizations and consumers to produce superior products that meet customer needs have come up. This collaboration is able to use synergy, combining strengths and diluting individual weaknesses to succeed in the demanding business environment. However, there are both positive and negative elements of such an alliance. AdvantagesInternal product development can be a risky affair. Firms need to commit large amounts of money and other resources including human resources into a project, without a guarantee that it is going to work. Through the use of professional service firms, this can be avoided. The collaboration between two or more firms means that the organizations in question cooperate to produce a superior product which meets both sets of customers’ needs. PSFs are also able to access external resources which strengthen their capacity, or enrich their own possessions and capabilities. In the end, both organizations are able to deliver to the market what they might not have been able to do and at a much lower cost. As the PSF’s come together to collaborate and develop something which is superior to their individual products, they have to engage extensively. With this, they share information and knowledge with each other. This, therefore, provides an excellent chance for both organizations to learn in a rigorous environment, where it would have been almost impossible had each organization been left to its own devices.

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