A strategic partnership (also see strategic alliance) is a relationship between two commercial enterprises, usually formalized by one or more business contracts. A strategic partnership will usually fall short of a legal partnership entity, agency, or corporate affiliate relationship. Strategic partnerships can take on various forms from shake hand agreements, contractual cooperation's all the way to equity alliances, either the formation of a joint venture or cross-holdings in each other.
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👉 Strategic partnership in the context of Strategic sourcing
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price. It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services to sourcing production lines where the labor market would increase firms' ROI. Strategic sourcing processes aim for continuous improvement and re-evaluation of the purchasing activities of an organisation.
In the services industry, strategic sourcing refers to a service solution, sometimes called a strategic partnership, which is specifically customized to meet the client's individual needs. In a production environment, it is often considered one component of supply chain management. Modern supply chain management professionals have placed emphasis on defining the distinct differences between strategic sourcing and procurement. Procurement operations support tactical day-to-day transactions such as issuing purchase orders to suppliers, whereas strategic sourcing represents to strategic planning, supplier development, contract negotiation, supply chain infrastructure, and outsourcing models.
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Strategic partnership in the context of Post–Cold War world
The post–Cold War era is a period of history that follows the end of the Cold War, which represents history after the dissolution of the Soviet Union in December 1991. This period saw many former Soviet republics become sovereign states, as well as the introduction of market economies in Eastern Europe. This period also marked the United States becoming the world's sole superpower.
Relative to the Cold War, the period is characterized by stabilization and disarmament. Both the United States and Russia significantly reduced their nuclear stockpiles. Much of the former Eastern Bloc became democratic and was integrated into the world economy. In the first two decades of the period, NATO underwent three enlargements, and France reintegrated into the NATO command. Russia formed the Collective Security Treaty Organization to replace the dissolved Warsaw Pact, established a strategic partnership with China and several other countries, and entered the Shanghai Cooperation Organisation and BRICS alongside China, which is a rising power. Reacting to the rise of China, the United States began a gradual rebalancing of strategic forces to the Asia–Pacific region and out of Europe.