Is collaboration paying off for firms?

Practitioners, academics, and consultants are all calling for firms to drop their guard and collaborate with their business partners. At best, reports to date are mixed. Does collaboration work? Can firms do better? This research indicates the answer is yes to both questions, but managers must do more to reap long-term gains by formalizing relationships. Executives at many of today 's most successful companies provide important insights as to how this can be accomplished.