By Paul Wenham, Cofounder and Co-CEO
Introduction: the battle between collaboration and competition
As businesses work towards growth and maximising their presence in the market, we often see an increase in competition. As competition becomes the main focus for businesses, collaboration is often overlooked.
In this blog, we look at the differences in collaboration and competition, and how businesses can use both to establish a competitive advantage.
Competition: the race to dominate
In the ever-evolving compliance landscape, businesses, platforms and software providers constantly fight for market dominance. Fueled by the desire for greater revenue, increased shareholder value, more market control and the ability to win enterprise clients, they often lose sight of the trust element in compliance.
For example, platforms that once focused on specific facets of the trust triangle now seek to provide all sides. Their desire to offer end-to-end solutions comes from a place of ambition, but this ambition has inadvertently splintered the unity that should naturally thrive.
Collaboration: the catalyst for transformation
In a highly competitive landscape, the most valuable indicator of success is collaboration. Collaboration between subject matter experts sparks innovation, providing businesses with a competitive advantage. When businesses align their interests and work together to solve common challenges, the outcomes are far more than just a ‘tick in the compliance box’.
Combining competition and collaboration
As increased competition without collaboration threatens to diminish trust, it is important to implement both into your business strategy. These two elements should be working together rather than as two separate functions. Trust builders (advisors and auditors) have the power to instil this into the businesses they work with, benefiting the wider ecosystem. While competition undoubtedly drives growth, it's the collaboration that unlocks the potential for exponential progress.
Read more in this series below and keep an eye out as we delve deeper into the symbiotic relationship between compliance and trust:
- Unlocking trust through compliance metadata
- The future of trust: how compliance paves the path forward
- The cycle of trust: from public concerns to industry adoption
- Navigating the three-sided path to trust and compliance
- Bridging the gap: unifying compliance language across the trust triangle
- Collaboration vs competition in an ever-changing compliance landscape
- The power of using compliance metadata
Forthcoming articles in this series:
- The Evolution of Compliance Frameworks: From Quantity to Quality Oversight
- The Unification of Compliance: Forging the Core of Trust
We help over 400 technology companies in over 20 countries to build and strengthen trust with their stakeholders and unlock new commercial opportunities founded on that trust. Learn more about AssuranceLab.