As technology continuously evolves, tech companies are growing to be the most sought-after partners today. Almost all industries are somewhat reliant on the internet and on modern technology, which puts the IT and tech industry as one of the most important industries of the present and the future. These companies can help businesses improve their technologies and support them in their endeavors, thus bringing in more revenue for all parties.
However, a study by BearingPoint shows that tech-related companies, both start-ups, and big companies alike, are not capitalizing on their partnerships enough. Instead of partnering with different companies for them to show their respective strengths, they end up partnering with companies that are exactly like them. Although there’s nothing bad with this model, it leads to companies working on existing products and services to address already-solved problems instead of creating new ones to address unsolved problems.
This leads to many missed opportunities for all those involved as well as the chance to work more efficiently. This is especially true during the COVID-19 pandemic, as partnerships are seen to be key in helping businesses rise again.
Advantages of a great partnership
In the world of business, partnerships can make all the difference. Regardless of industry, a successful partnership is possible only when one collaborates with the right people. It is with the right people both your business and theirs can grow as everyone involved in the agreement will have equal chances to put their best foot forward while the others benefit as well.
Partnerships among businesses, especially tech companies, are also rising as they are great breeding grounds for innovation. Tech companies are always on the lookout for what’s trending and what’s new, and as each company has different specializations and views on different things, working together can help them provide different perspectives and ideas for one another. After all, a great collaboration consists of open communication, trust, and support. For an industry where collaboration and innovation are essential in creating and maintaining their good and services, partnerships are something much hope to attain and execute well.
A successful and mutually beneficial partnership can also drive in more revenue for all parties involved. The sharing of best practices and ideas with one another can serve as foundations for individual growth, which is ultimately a major end goal of partnerships.
Risks of partnerships
Although partnerships can bring in many positives to your business, it also pays to be aware of the possible risks they might bring. Many business leaders tend to shy away from partnerships because of fear of conflict among other things, as such connections closely intertwine your operations with that of another’s. There’s also the fear of your company being overshadowed by your partners, which can be the case for many startup companies when joining forces with bigger, more famous companies. A similar problem is the possible loss of control you might experience when in a partnership, as your partners may end up having more say in your processes than you initially expected.
Thus, it’s also important to choose carefully who you would want to partner with as partnerships are commitments that can last from a few months to years, depending on your agreed terms.
Choosing the right partner
A smart tech company will take advantage of its partners’ unique capabilities. The tech industry is a very vast industry; there’s a specialization out there for everything and anything, which leaves you with multiple possible partners to choose from. The right partners will also help you overcome different internal problems your company might have; their differing specializations and perspectives could be the solution you’re looking for not only for your products but for your operations as well since partnerships also mean sharing of best practices.
A good possible partner tech companies can consider is Workstem. Workstem is a payroll and HR management system that aims to help companies organize their administrative tasks. Workstem can organize leaves, track employee attendance, and compute payroll for their clients’ employees. In addition to these, Workstem also offers a partnership program wherein they help their partners by extending their market reach and providing them more features in their software to better help them manage their operations.
Not all partnerships are successful, but it’s all part of the process. If done right and with the right partner, a partnership can change not only your business but the tech industry as well for the better.