In today’s hypercompetitive marketplace, technology partnerships have acquired greater strategic importance and complexity.
Partnerships have always been considered as a perilous strategy while selling new products/services, touching new customer segment and entering into an unfamiliar market.
As per the recent report by a private firm, “53% technology companies are in the planning phase for both defining their own digital strategy and building out a partner ecosystem.”
They have proven to be tarnished to be worked out in a short time frame.
Both B2B and B2C companies are in an invisible race of capturing new source of monetization, developing innovative user experiences, and expanding distribution.
The growth of an organization does not only depend on what company can do, but also on the capabilities, functions, channels, and insights they can knock off by partnering with others.
When strategic technology partners function together at high capacity, it creates multiple revenue streams for both the companies, and opens the wide scope to sell to a larger market.
The more enterprises a company is partnered with, the more gain of market-access it gets. Hence, the company is more likely to increase both sales and revenues.
Benefits of technology partnerships:
How to choose an appropriate technology partner?
Proper emphasise on the competitive edge can be a differential factor for determining success or failure. Project and requirement analysis can help filter the companies and makes it easier to choose the one to be partnered with. Below are some of the areas where the project analysis could be resourceful:
- Product highlight and unique value proposition
- Technology and resource requirements
- Final product offering comparing with current market status
- Targeted industry and current technology trends
Applying the analysis of above points can address the three major areas: Industry, Technology, and Process.
Industry: Identify industry into which product/solution falls before introducing it in the highly competitive environment. This is the kind of industry you are trying to disrupt, and you hope your technology partner understands, – such as
- Security & Surveillance
- Education (EdTech)
- Finance (FinTech)
Teams that already have industry-specific development experience are more likely to be acquainted with concepts and common technologies to make well-versed decisions as strategic consultants.
Technology: If any technology or tech stack is identified as a competitive edge priority, then this segment deserves serious attention! Technology covers a vast range of features and within each of those, more decisions are required to properly execute the project.
- The type of domain you are targeting – embedded systems, SoC manufacturing, mobile app, web platform, cloud computing, data science, or IoT? The list is enormous!
- Which tools/languages are required? What sort of database? Which framework? What hardware platform is suitable? Which cloud platform suits the solution? What sort of testing is needed? With more specific needs, more specialized partner is required for successful execution.
Process: Narrow down the key focus for the given process to identify the way you want to execute the solution.
- Check if you want to create a proof of concept or if you have it already and want to build something mostly to scale?
- Whether you want to add resources to build up existing team that can run faster in the deployment?
Process can categorize companies based on where they operate within the product lifecycle. It is important to line up the teams that are the most suitable for the current stage or next stage.
About Author: Purva Shah is a Marketing Professional at VOLANSYS, responsible for positioning, branding, and marketing of the company. She is well versed with the latest embedded trends and applications related to IoT, Embedded Vision, Autonomous Systems.
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