Technology partnerships are in vogue these days for all the right reasons. Many businesses have gone out of business due to the Covid19 pandemic, while others are on the verge of failing. Companies with solid technology partners, on the other hand, have successfully navigated the economic upheaval unleashed by the pandemic. It has caused us all to reconsider how we live, interact, and do business.
Technology partners typically focus on developing a client-partner relationship rather than a customer-vendor relationship, and they assist organizations in implementing and optimizing their technical systems. They aren’t just selling a product but also providing long-term guidance, services, and support that act as a replacement for or supplement your in-house technology expertise. When two organizations decide to collaborate, there are several potential benefits and drawbacks to consider.
The ongoing Lego and Adidas collaboration, which began in 2020, consisted of both Lego and Adidas manufacturing unique designs of their product lines to advertise the other organization’s trademark aesthetics and designs. In this case, Lego created a line of buildable shoes based on Adidas’ sneaker aesthetics. In contrast, Adidas created a line of wearable sneakers with features reminiscent of the typical Lego block design. They were able to produce high-end, limited-edition products much more easily thanks to this fascinating partnership between two big businesses, as well as get around potential licensing problems and copyright laws and establish a solid foothold in each other’s respective audience bases.
A Technology Company Partnership
There are numerous benefits to forming a strong partnership with a technology-based company, particularly in today’s climate, and successfully navigating the vast array of software applications available, as well as what they can do for your own company:
A technology provider can assist you in keeping your company’s technology relevant and discovering new technology solutions. More importantly, a technology provider can help you see past technological fads and ensure that new purchases are long-term investments for your company.
Two heads are better than one when implementing established technology systems, but just as a tech partnership can efficiently deliver technical know-how, consider the value any business acumen can offer in return. Merging and sharing resources can be a highly effective way for both parties to progress toward innovation and success.
A long-term, dedicated partnership provides the advantages of ongoing innovation on the one hand and the delivery of the most efficient technological systems on the other. A long-term partnership, on the other hand, allows both companies to get to know each other’s businesses and build quality relationships with the people who are the driving force behind them, making it easier to work together and quickly adapt to the changes.
Top Advantages of Technology Partnerships
Business Growth
The primary benefit of a strong technology partnership is increased business growth. With the help of a dependable tech partner, you can expand your company’s operations, pursue new markets and services, and resolve business problems.
Revenue Growth
Every business strives for increased revenue and profit. Technology partnerships empower you and drive revenue growth by referring leads to you. Your partner will likely be well-versed in your company’s strengths and top products/services, making them excellent lead referral partners.
Innovation
Collaboration with an experienced technology firm can also help you accelerate innovation and provide superior solutions to your clients. This is because tech-savvy businesses value creativity and out-of-the-box thinking aimed at providing value-added solutions. These innovative solutions are frequently sought after by others, enhancing your reputation and credibility.
Access to Advanced Technical Support and Expertise
Partnerships strengthen your company’s capabilities by providing hands-on access to various resources and skill sets. You can hire a full-stack developer from your technology partner on a temporary or permanent basis, for instance, if your business lacks one. This is also referred to as staff augmentation, a flexible hiring model where talent is hired remotely as needed.
Knowledge-sharing
Another significant benefit of such collaborations is knowledge sharing. When companies form a partnership, they share their experiences, skills, and knowledge with others. As a result, there is more team diversity regarding cultural practices and skill sets.
What factors contribute to a good technology partner?
Before you choose a partner, you should carefully consider your options. After all, the right partner will help your company grow, whereas the wrong choice will land your company in hot water.
While many factors and elements influence the strength of a technology partnership, we have listed the most important ones.
Find the ideal partner.
We cannot emphasize how critical finding the right technology partner is. It is the most important aspect of a successful partnership. How do you choose the best company to be your technology partner?
When selecting a partner, keep the following factors in mind:
- What is your motivation for forming a partnership?
- How knowledgeable is your potential partner in its field?
- What are the values and cultural practices that it adheres to?
- Is it equipped with the skill set and core competencies you require in a partner?
- What do current and former customers think of the company?
Collaboration and communication
After finding the right partner, the next most important aspect of a successful partnership is maintaining open lines of communication. Effective communication is essential in all relationships, including business-to-business relationships.
As a result, you should establish a communication process compatible with both organizations’ working methods. Miscommunication leaves room for disaster. That is something you cannot afford. Furthermore, when you introduce your tech partner to your clients, they must feel at ease.
Flexibility
To deal with changes and modifications in a project, you and your technology partner must remain adaptable. Every project is unique, and clients’ expectations vary. As a result, your partner must adapt to such changes without causing hiccups.
Establish goals and objectives.
Realistic goals, timelines, and milestones help business relationships thrive. As a result, you and your partner should be clear about what each of you expects from the partnership. This fosters a sense of mutual trust and need, both essential for success.
Location
Location is rarely an issue, but it must be considered. Time zone differences frequently impede work progress. Ascertain that your technical partner, if they are in a different time zone, is willing to work with you during your working hours. This ensures that services and products are delivered on time.
Technology partnerships, when done correctly, can help your business grow into the company of your dreams. They can add tools, support, capital, and exposure to new audiences. To succeed, however, you must go after these connections in a way that feels right for you and your team. So, do some research and consult with your contacts. Put your cards on the table and put yourself out there. Then consider what your business could be.
