International standard for collaborative relationship management launched

The world’s first international standard for managing collaborative business relationships is to be developed by the British Standards Institution (BSI) in collaboration with PSL (a joint DTI and CBI 'not-for-profit' venture).

It will provide a framework for businesses to manage their internal and external relationships effectively within their supply chains.

Frank Post, Marketing Director of British Standards said,

"With outsourcing and off-shoring becoming typical operations for business, there is an increased emphasis on managing effective external relationships. In larger organizations there is also often a need to manage internal relations between businesses and departments. The new standard on relationship management will provide a structure for managing these effectively".

“The standard will address the most challenging aspect of relationship management by providing a strategic framework to facilitate cooperation and integration. It will have wide applications for Government, Industry and Societal organizations on how to collaborate and manage valuable business relationships,” said Mr Post.

The standard will cover a range of areas vital for successful relationship management such as the importance of relationships, awareness, knowledge, internal assessment, partner selection,value creation and innovation, staying together, working and exit strategy.

Provided this can become a truely international initiative, stays simple and business-focused and also takes into account the needs of collaborative business networks as well as supply chains then this might be worth tracking.

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