One topic that I would like to analyze further is Synergy. According to Lesson 6 chapter on Synergy it describes, “Synergy as the synthesis of what each individual in the group has to offer (psu 2019). In addition, synergy is about having cultural groups work collectively together to achieve one goal. Furthermore, synergy can be identified as combining an action to accomplish one goal. In reference to the authors Moran and Abramson (2016) it has indicated that, “ Synergy implies a belief that we can learn from others and others can learn from us.” (p. 266). This means that every person within the organization has the ability to place input on potential projects for the organization.
The authors Moran and Abramson (2016) goes in further to reveal that, “On global teams , it means that the collective contribution of the team far exceeds the adding up of the individual contribution of each team member.” (p.266). Synergy as a whole helps develop a common goal for both cultural organizations to work towards achieving a goal. The main purpose of having synergy within an organization is to develop a diverse team they can share common goals towards developing and to create new goals and to also reach various audiences globally. In addition, incorporating synergy within an organization requires for each party to be open to learning and understanding the opposing organizations way of business and to also compromise on power between the organizational groups.
In a recent article from Bloomberg called BB&T to Buy SunTrust in Biggest Bank Merger in a Decade, it has indicated that the bank BB&T has officially merged with the bank SunTrust. According to the article the reason why they decided to merger was to keep up with the competitive banking industry. “BB&T Corp. agreed to buy SunTrust Banks Inc. in the world’s largest bank merger in more than a decade, betting that a combination will allow them to keep up with bigger rivals in the arms race for new technology.” (Levitt, 2019). I thought this article was a great example of synergy because this will allow both banks to increase their revenue and overall impact of the banking industry. According to the article it has indicated that “It will be the sixth-biggest commercial bank in the U.S. by assets, supplanting PNC Financial Services Group Inc.” (Levitt, 2019). The reason why this is the case is because of the global impact each individual bank brought to the table during the merging process.
Synergy as a whole can be a very powerful tool when trying to get ahead with various corporate competition. In addition, Synergy can also dominate an industry globally overnight if various groups are willing to work collectively together to accomplish one goal. It also can reduce the cost of running an organization on your own by adding additional partners that can help with expenses. According to the Bloomberg article it further reveals that, “The banks said the deal will allow more investment in technology while cutting more than 10 percent of combined total expenses through eliminating duplicate branches and digital systems.” (Levitt,2019). Overall, Synergy can be utilized to create a stronger organization and it also can provide exposure to various clientele that will increase the revenue of the organization.
Levitt, H. (2019, February 7). Bb&t to buy suntrust in biggest bank merger in a decade. Retrieved from https://www.bloomberg.com/news/articles/2019-02-07/bb-t-and-suntrust-banks-agree-to-combine
Moran, R., Abramson, N., & Moran, S. (2014). Managing cultural differences (9th ed.). New York, NY: Routledge.