Business Partnering
Business partnering is a multi-disciplinary approach in which a leader in one functional area of a company consults with executives to enhance the processes of decision-making.
Updated: October 30, 2023
Business partnering is a multi-disciplinary approach in which a leader in one functional area of a company consults with executives to enhance the processes of decision-making.
A business partnering model is generally followed by organizations for human resources (HR), finance, or information technology (IT). Business partners have the same role irrespective of their areas to use their specific acumen to help further the value and performance of the organization.
It might rely on strategic planning, financial planning and analysis (FP&A), or HR software for business partnering depending on the industry of the organization. An organization can align on goals, take a closer look at data in a particular department, or analyze hiring decisions with the help of these systems.
Strategic thinking, Business acumen, Collaborative skills, Problem-solving mentality and Technological proficiency are some of the business partnering skills. Increased efficiency, reduced costs and better communication are some of the benefits of business partnering.
An organization can make more effective decisions and revise strategies that drive the company forward and this growth can add financial value, contributing to the success of company.
A company should create a plan, define the position, anticipate challenges and adapt and make changes as needed to ensure success when introducing this model.
Benefits of business partnering:
- Resource Sharing: Reduce costs and enhance capabilities through shared resources.
- Risk Mitigation: Improved risk management by sharing responsibilities.
- Market Expansion: Access new markets and customer bases.
- Innovation: Foster creativity and new product development.
- Complementary Skills: Combine diverse expertise for improved competence.
- Cost Efficiency: Achieve cost savings through joint operations.
- Competitive Advantage: Gain an edge through strategic partnerships.
- Customer Satisfaction: Enhance customer experience with comprehensive solutions.
- Faster Growth: Accelerate business expansion through shared resources.
- Global Expansion: Access global markets through collaborative efforts.
