The signs of a successful partnership

Enzo Brienza at InterSystems outlines the key factors for business leaders who want to build successful partnerships

 

Partnerships between technology providers and allied businesses are essential for driving growth. These collaborations have the potential to foster innovation, expand market reach, and increase demand for products and services for both parties.

 

According to the Canalys research firm, partner-delivered hardware, software and services are set to account for 73% of the world’s total addressable IT market of $5 trillion this year. This is an increase of 6% on last year (2023). Statista forecasts the global IT services market will continue to expand at 6% compound annual growth up to 2029.

 

Yet, the true potential of such alliances is only realised when the primary party is genuinely committed to the collective success of all partners involved and their shared customer base. For a partnership to be truly transformative, the primary party must view their partners’ achievements as their own and dedicate themselves to advancing their collaborators’ objectives.

 

While many companies claim to prioritise this collaborative ethos, business leaders considering such partnerships must discern whether potential partners genuinely embody these principles, and what value will be generated by entering into a collaboration, or alliance.

 

Essential support and guidance

Dependable partners provide compelling value propositions, attractive return on investment programmes, ongoing support and assistance beyond the technology or concepts. They help to ensure that the relationship is maximized, that issues are resolved quickly, and facilitate problem-solving.

 

A successful partnership should include comprehensive training sessions, 24/7 technical support, market demand generation, public relations publications and dedicated account managers who understand the unique needs of the business. Both sides of the partnership investing in this way will pay dividends.

 

Committed primary partners continuously refine their technology and services to address the evolving needs of their network. They assist partners and customers in navigating new challenges and seizing fresh opportunities, demonstrating a proactive approach to mutual growth.

 

For example, in the supply chain sector, which faces so many fluctuating pressures and variables, a logistics software provider has collaborated with a distribution network to devise cutting-edge tools. These have proved highly effective at optimising inventory management and enhancing supply chain visibility, resulting in an overall increase in operational efficiency.

 

This dedication to innovation enables partners to remain at the cutting edge of competitiveness and effectively respond to evolving market requirements.

 

Evaluating genuine commitment

Business leaders might consider several indicators to determine whether a potential partner is genuinely committed to a prosperous alliance. The sharing of a common vision and strategic goals between parties is one such sign.

 

This alignment ensures both sides are working towards common objectives, nurturing a unified and productive partnership. For instance, when each organisation is committed to sustainable practices, collaboration in the creation of eco-friendly technologies and solutions benefits not only their own businesses but also contributes to a heathier environment in the wider world.

 

Open and honest communication is equally vital for any partnership. Prospective partners must clearly communicate their capabilities, limitations, and expectations. Regular check-ins, progress reports, and feedback sessions help maintain alignment and address any issues before they become significant.

 

A strong history of successful partnerships is a good indication that a partner is reliable and committed. Business leaders can look for references, case studies, and testimonials from other organisations that have worked with a potential partner. This kind of due diligence can provide valuable insights into a partner’s performance and dedication.

 

A truly committed partner invests in the success of collaborative organisations. This investment can take many forms, such as providing additional resources, offering joint marketing opportunities, or co-developing new products and services. For example, a technology provider can provide access to advanced training programmes to enhance their partners’ skills and capabilities.

 

Where commitment is absent, pitfalls soon open up, leading to failed partnerships. The partners may, for example, neglect to conduct regular reviews of how each other’s businesses are evolving. A technology vendor may have extended its portfolio, or the solution partner may have entered new markets. Lack of awareness of these developments is likely to result in missed opportunities for synergy and mutually beneficial growth.

 

Partnerships built on mutual success

In summary, while many companies may claim to prioritise collaboration and mutual success, it is crucial for business leaders to thoroughly evaluate potential partners to ensure these principles are truly engrained.

 

By doing so, they can forge partnerships that not only meet but exceed their strategic objectives, ultimately driving sustained growth and success for their organisations

 

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Enzo Brienza is Partner Manager at InterSystems UK&I

 

Main image courtesy of iStockPhoto.com and Tippapatt