Strategic partnering to combat competitive threats
To stay ahead of the competition and in front of ever-changing consumer demand, businesses must be in a dynamic state of improvement.
The competency of Strategic Partnering is much more than “order takers” of business requests. Strategic partnering assists with vision and demand shaping, influencing for support, ensuring overall delivery, and effective communication. Strategic partnering includes financial planning, shared services (people), strategy, technology, and innovation. Strategic partners are respected contributors to the business leadership team, earning a “seat at the table”, and successfully articulating how their products and services advance business objectives.
Why is Strategic Partnering the need for the hour?
Partnerships have always been a critical strategy for businesses looking to grow in unfamiliar markets, tap new customer segments, or sell additional products or services. Too bad, because in today’s hypercompetitive, hyper-connected marketplace, partnerships have taken on even greater strategic importance and complexity.
63% of CEOs claim within five years technology will be the greatest source of competitive advantage.
Digitization is not only enabling competitors intent on overturning whole industries but has also spawned a new breed of competitors that are happy to demolish just a piece of a business. They’re “chipping away at various business lines and profit centers,” said Banner, a director at Branch Banking & Trust Corp
Digital leaders are discovering that their future depends not just on what their own companies can do, but on the capabilities, functions, channels, and insights they can tap by partnering with others.
Christopher Perretta, executive vice president and CIO at State Street Corp. in Boston, Mass., agreed that businesses must pay attention to competitive threats from outside their traditional peer groups.
Benefits of Strategic Partnering
You might have heard the saying, “two heads are better than one,” and nothing could be truer when it comes to strategic partnerships. Working within a partnership with a genuine win-win intention can give your business the edge it needs to surpass its competitors
- Give Your Business a Competitive Edge
- Can help fill in gaps and address the weaknesses
- Help Your Business Reach a new Market in a shorter time frame
- Strike the right balance between scale and customization
“As Netflix has expanded its member base and the number of devices it supports, the company has evolved its API (application programming interface) strategy to meet its business objectives. Netflix has reassessed its API program and is focusing more on working with a smaller group of private partners, reducing the cost and complexity associated with a more public approach.”
It’s obvious that companies require a digital transformation to become successful in today’s connected “Internet of Things” (IoT) world. A BRM Digital Transformation Strategy that Delivers Results Through Business Partnering is the need of the hour
As a growing number of organizations realize the value of shared ownership among traditional business function silos for business strategy and results, CEOs challenge organizational leadership to implement the change.
Accordingly, successful CxOs from these enabling business functions (IT, HR, and Finance, etc.) are seeking how they can best accomplish the transition. The answer lies in a BRM capability
The presence and capability of a company’s Business Relationship Management (BRM) team is the key to success.
Four overarching steps to the transition are necessary, with the BRM team playing a major role:
- Setting the goal of becoming a strategic partner
- Defining the how
- Mapping out the journey
- Continuous execution
According to Mckinsey Implementing a partnership model also requires a shift in mind-set from the leadership team down to the front line.
To learn more about strategic partnering and increase the value of your business opportunities and implementing Business Relationship Management at your organization, please reach out to us at firstname.lastname@example.org