Utilizing a common fire water ring between the two companies has various benefits to both companies since it helps the project team save costs. The project team also becomes more flexible in adapting to changes, increases the team's capabilities, and promotes collaboration between company X and Y. collaboration in an organization greatly benefits the partners as they can share information and transfer knowledge, skills, and experiences amongst themselves.
Using a common waster ring reduces the resources used to install two water rings for each company as the company X and Y only need to split in half the cost of installing a single water ring. The maintenance cost for the single water ring is also reduced. This enables both companies to channel the money that would otherwise be used to repair and service separate water rings in other activities, which increases the profitability of both company X and Y.
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Having a common water ring reduces its chances of failure since it is easier for both teams to monitor a single water ring. Collaboration ensures that project team Z sticks to the project for a long time while also increasing engagement levels. Working together of the two companies towards a common goal leverages their potential and also helps improve their performance and productivity. Collaboration among the company X and Y teams encourages innovation since a team of diverse workers has a better chance to find and implement creative ideas and solutions.
Effective collaboration ensures that the right people get the correct information at the right time and ensure that the project and process being undertaken are streamlined while eliminating errors and any delays. Pooling of resources and talents allows the team to complete the project, otherwise overwhelm a single company, ensuring efficiency. Collaboration also helps the project team build good working relationships based on trust and balanced decision-making.
