Managing Partnerships for Organizational Excellence...

Managing Partnerships for Organizational Excellence A partnership is a working relationship between two or more parties creating added value for the customer. It is defined as a relationship in which two or more parties, having compatible goals, form an agreement to share the work, share the risk and share the results or proceeds. It is a collaborative relationship between entities to work toward shared objectives through a mutually agreed division of work. It is the building of a sustainable relationship between the parties based on mutual trust, respect and openness. Excellent organization plans and manage external partnerships, suppliers and internal resources in order to support strategy and policies and the effective operation of its processes. They ensure that they effectively manage their environmental and societal impact. Strong partnerships enable organizations to do more than what they can do alone, become more diverse and innovative in their thinking and have the potential to reach a far wider audience. By sharing expertise, resources, and stakeholders, organizations that partner successfully are able to access new markets, spur innovation, and achieve greater outcomes. Entering into a partnership helps the organization with some added value that it cannot achieve in any other way even with the outlay in time, money and materials. Typical benefits can include reduction in time to market, first to market with new technology and reduction in costs. Partnership can avoid duplication of efforts, provide for pooling of scarce resources, and promote coordinated, focused and consistent mutual efforts toward achievement of organizational success as well as in the bottom line. A partnership  can be a handshake (not a handout) with a written agreement between the parties with appropriate legal authority. It needs fairly equal participation of the partners and is to be consistent with the plans, policies...