Utilising Synergy in Collaboration for Sustainable Business Strategy Management

Teuoe Sounr^*
*Correspondence: Teuoe Sounr, Department of International Trade, Korea National Open University, Seoul 03087, Republic of Korea, Email:

Keywords

Businesses face • Business landscape • Strategy management

Introduction

Unilever achieved these goals by collaborating with a wide range of partners, including suppliers, NGOs, and governments. They shared their sustainability objectives transparently, engaged with competitors on common sustainability issues, and invested in employee training to foster collaboration skills. As a result, Unilever not only reduced its environmental impact but also strengthened its reputation and market presence. In today's rapidly changing business landscape, sustainability has become a cornerstone of long-term success. Organizations are not only focusing on profitability but also on environmental and social responsibility. Achieving sustainability requires a multifaceted approach that incorporates collaboration among various stakeholders, both internal and external. This article explores the concept of synergy in collaboration and its role in managing sustainable business strategies [1,2].

Literature Review

Synergy is the concept that the combined efforts of a group of individuals or organizations working together can achieve greater results than the sum of their individual efforts. In the context of sustainable business strategy management, synergy in collaboration means that when different stakeholders come together with a common goal of sustainability, their collective efforts can lead to more significant and meaningful outcomes. This industry-wide collaboration includes brands, retailers, manufacturers, and NGOs working together to improve the environmental and social performance of apparel and footwear products. Their Higg Index helps companies assess and measure their sustainability impacts. This alliance consists of banking institutions from around the world committed to using finance to deliver sustainable and social development. They collaborate on sustainable banking practices and share knowledge to drive positive change in the banking industry [3,4].

Discussion

In the pursuit of sustainability, organizations must recognize the power of synergy in collaboration. By working together internally and externally, they can achieve more significant and lasting impacts on the environment and society. Successful collaborative efforts require commitment, innovation, and a shared vision. While challenges may arise, the rewards in terms of innovation, efficiency, and reputation can position businesses for long-term success in a world that increasingly values sustainability. Synergistic collaboration is not just a strategy; it's a necessity for a sustainable future [5,6].

Conclusion

In today's fast-paced and interconnected business landscape, synergy in collaboration is a critical element of sustainable business strategy management. By working together with partners, stakeholders, and even competitors, companies can harness the power of collective action to address complex sustainability challenges. The key lies in setting clear goals, building trust, and ensuring that all parties involved benefit from the collaboration. As demonstrated by the Unilever case study, when done effectively, synergy in collaboration can drive positive change and contribute to a more sustainable future for businesses and society as a whole.

Acknowledgement

None.

Conflict of Interest

None.

References

1. Liu, Jinzhuo, Haoran Meng, Wei Wang and Tong Li, et al. "Synergy punishment promotes cooperation in spatial public good game." Chaos Solit Fractals 109 (2018): 214-218.

Google Scholar, Crossref, Indexed at

2. Lozano, Sebastian, Placido Moreno, Belarmino Adenso-Díaz and Encarnacion Algaba. "Cooperative game theory approach to allocating benefits of horizontal cooperation." Eur J Oper Res 229 (2013): 444-452.

Google Scholar, Crossref, Indexed at

3. Yang, Zhe and Haiqun Zhang. "Essential stability of cooperative equilibria for population games." Optim Lett 13 (2019): 1573-1582.

Google Scholar, Crossref

4. Berger, Ulrich. "Learning to cooperate via indirect reciprocity." Games Econ Behav 72 (2011): 30-37.

Google Scholar, Crossref, Indexed at

5. Koman, Gabriel, Dominika Tumova, Radoslav Jankal and Martin Miciak. "Business-making supported via the application of big data to achieve economic sustainability." Entrepreneurship Sustain Issues 9 (2022): 336.

Google Scholar, Crossref, Indexed at

6. Rivas, Javier. "Cooperation, imitation and partial rematching." Games Econ Behav 79 (2013): 148-162.

Google Scholar, Crossref