These terms are often used as synonyms, as managers seek to evolve a culture of inclusion and shared responsibility, but they are markedly different.
Collaboration is essential, and now so much easier given digital the tools to hand, and increased understanding of what motivates and engages individuals, but does not necessarily lead to consensus. Successful enterprises are rarely democracies, but they are very good at nurturing diversity, and hearing all points of view before making decisions, then gaining support for action, even from dissenters, by ensuring “due process” has been followed, which requires an understanding of the purpose of the collaboration, and a buy in to the outcomes.