sharedsourcing

Sharedsourcing is a business strategy that involves combining the internal resources of a company with those of at least one other entity, often a supplier or partner, to achieve a common goal. This approach is often used by organizations seeking to enhance their capabilities, reduce costs, or accelerate innovation.

Sharedsourcing can take several forms, including collaborations, joint ventures, outsourcing, and partnerships. Companies may engage in sharedsourcing to access new technologies, manufacturing processes, or market intelligence. Similarly, they may seek to reduce their operational costs by sharing risks, resources, and expenses with other parties.

The principles that underpin sharedsourcing include cooperation, mutual benefits, and a shared definition of objectives. Companies must be willing to share control, risk, and rewards with their partners. Therefore, establishing clear agreements and maintaining open communication is crucial for the success of a sharedsourcing arrangement.

Sharedsourcing can be particularly beneficial for small and medium-sized enterprises, which may not have the resources to develop new technologies or processes internally. Large corporations can also benefit by accessing specialized capabilities and strengthening their supply chains. However, sharedsourcing requires careful management to avoid potential drawbacks, such as loss of control, unintended dependencies, and risks of a partner's failure.

As a business strategy, sharedsourcing can be seen as an extension of the traditional outsourcing model, with a greater emphasis on collaboration and mutual benefit. While the concept is still evolving, sharedsourcing has the potential to transform the way companies approach resource management, innovation, and risk sharing in the future.