Strengthen your technology relationships: forming strong partnerships

Technology is the foundation of many successful companies today. Given the way in which the vast majority of sectors engage, to some extent, with technology – whether they use the tools to improve their processes and provide their services, or actually produce the tools themselves – the need for strong technology partnerships increased.

Increasingly, business is no longer considered a single team effort. With the growing dependence on technology, many organizations are establishing partnerships with other companies to strengthen their efforts, improve their processes and manufacture better products and services.

Relationships in the technology domain take many forms: some companies outsource work to partners, some work together to realize products, and others follow completely different models. The common thread is collaboration, which, if done effectively, leads to greater success for both parties.

Business partnerships are nothing new, but they are not always well maintained. They require encouragement and effort from both partners for each team to reap the rewards. How, then, can you strengthen technology relationships?

8 benefits of technology partnerships

1. Prepared for the future

We have faced numerous challenges in recent years, especially due to the onset of the COVID-19 pandemic and difficult recessions. For both young and old companies, nothing is a guarantee. But when you bring technological innovation, skills and know-how into the equation, working with a specialized technology partner, you can increase your longevity.

Of course, it is impossible to completely prepare your business for the future, but technological relationships will help you rethink the way you do things and find ways to adapt to changing – and challenging – circumstances, thereby improving your resilience. . This means a better outlook for your company and a greater ability to deal with obstacles you encounter.

2. Strategic Growth

Growth is the goal of a company, regardless of its current size. An experienced and capable partner will allow you to create strategies to expand your business and ventures, attract talent and reach more consumers with your products and services.

Additionally, as technology changes, you will need to evolve your business along with it. A qualified technology partner will provide you with the extra hands and support you need to accommodate new tools and grow your business simultaneously.

3. Brand reputation

You will improve your reputation as you grow and improve your business through stronger technology efforts. A technology partner can, for example, help you with different facets of your strategy, such as lead generation, website development and maintenance, and discovery. This will help you attract new customers – after all, an improved brand reputation and greater awareness means that more and more consumers will flock to your business.

Additionally, a technology partner can help you better understand and connect with your consumers in new and different ways, strengthening loyalty and recognition .

4. Specialized Talent

At some point or another, you may encounter a situation where you need a certain talent, skill or competency that does not exist within your internal team. This is an ideal opportunity to partner with another team where this much-needed talent exists . And thanks to this type of partnership, you won't need to train or pay large overhead costs to leverage this skill set, as it comes with the relationship.

You can leverage these talents for specific projects or time periods and enjoy all the benefits without having to deal with many of the drawbacks.

5. Modernization

When it comes to technology, there are always new models and advancements. It can seem almost impossible to keep up with all the updates in the field. But you must keep up – or you risk falling behind your competitors.

This is one of the main reasons why many companies choose to form technology partnerships. This way, they can keep up with the latest innovations and modernize their business without constantly evaluating and re-evaluating their stacks. Instead, the technology partner will take care of these important aspects of the business and help you maintain and update your tools while you run your core business.

6. Risk Reduction

Investing in any technology is a big risk for any business. But working with a technology provider means that you each share the risk, thus reducing your overall individual level of risk.

Furthermore, suppose you are partnering with an organization focused on building, leveraging, and deploying technology. If so, they are more than likely up to date on the laws and regulations that govern the tools you want to create or use. Therefore, they will be better equipped to advise you on how to proceed and work within legal limitations. Of course, they cannot replace a legal advisor, so they can also be a necessary partner, depending on your needs.

7. Greater innovation

We are in the midst of an innovation revolution , and every company must employ creative energy with the goal of building new and exciting things. Involving multiple perspectives, including those of not only your own team but also an external partner, in shared goals will inevitably lead to greater innovation.

Combining different backgrounds and points of view means better brainstorming and collaboration. And it can lead to boosting your operations to new heights.

8. More support

Together, all these benefits mean more support. This is something that any organization can use, and you should not underestimate the power of having a supportive external partner on your side, helping you overcome a range of challenges and obstacles, as well as seize the opportunities that come your way. .

Having an extra layer of technology support also means you have someone to count on in emergencies and everyday scenarios. When it comes to tools as critical as your technology stacks, this often proves indispensable.

The Foundation of a Great Technology Partnership

Trust

It should come as no surprise that trust is necessary to move forward in any type of partnership or agreement. At the same time, you can't expect to immediately have that critical level of trust from the start. That's why it's important to do your homework – that is, both of you – to find out as much information as possible about any potential partner.

In addition to researching the company's reputation, projects, and other information, it's often helpful to establish agreements that carefully outline expectations, workflows, and more. This will go a long way in ensuring there are no surprises and allowing the partnership to function more harmoniously.

Cultural Alignment

We can work with organizations and individuals around the world in the era of remote and digital work. This has several advantages, but consider that cultural misalignment in a work context can lead to complications. It is helpful to partner with an organization that has similar work styles and no language barriers as well as shared time zones.

This is why many companies in the US end up partnering with technology companies based in Latin America. The regions have cultural similarities and are aligned with time zones, and many professionals in Latin America speak English fluently. Furthermore, the level of technological talent is high in the region.

Collaboration

Collaboration is the foundation of any successful partnership. From the early stages of your working relationship, you should hone your collaborative process and both offer insight into what this should look like in practice. You must understand each other's working styles and ensure they mesh well. There must be an understanding of the goals and expectations for your shared venture and the systems in place to work together with minimal setbacks.

Mutual benefits

In any business relationship, both parties must benefit in some way from the partnership. In other words, each person must bring something to the table that the other needs. When establishing a technology partnership, you must determine what each partner will give to the other.

Perhaps, for example, you are seeking a holistic digital transformation , something your partner can help you achieve given their technological expertise. In turn, they may be seeking additional revenue and want to build their portfolio with high-profile clients as your potential partner.

Transparency

Transparency is an important quality when it comes to your project. This goes hand in hand with trust – when you are open and honest with your partner, you are better able to keep problems to a minimum and maintain a positive relationship.

Transparency means maintaining a dialogue throughout the project. It means keeping them updated on any relevant issues and developments. It also means alerting them to progress on both sides. While you don't necessarily need to have meetings all the time, you should have regular check-ins and updates.

Shared goals

All successful projects start with solid objectives . In addition to establishing and defining these goals, establish benchmarks along the way to help you measure and measure progress. This also breaks the larger project into smaller, more manageable components.

Both partners must agree to these goals from the beginning. Contribution must come from both sides and each party must have an interest in achieving each objective. This way, you can keep the project on track.

Flexibility

Even with established goals, remaining flexible throughout the project is essential. No business venture is without setbacks, and it's more than likely that you'll need to make a small or big change at some point. Having a flexible mindset will allow you to stay on track and achieve your goals.

It may seem counterintuitive, but this perspective gives you more direction, not less. Both partners are able to change certain ideas when faced with problems and continue to work together to find a solution.

Shared Resources

One of the main benefits of forming a technology partnership is that you and the other team can share resources. This is an important part of the process – ensuring both partners have access to the tools they need to do their work effectively and drive their business forward at the same time.

A central repository with shared files, programs and documents gives both partners access to materials they would not otherwise be able to leverage, allowing them to advance their collective and individual missions.

How to create a strong technology partnership

1. Make sure you find the right fit

Both potential partners should do their due diligence and dedicate plenty of time to finding a business that is a good fit for them. They should find as many reviews, testimonials, and customer feedback examples as possible. Additionally, here are some questions they should ask before signing contracts and solidifying their agreement:

• What do I intend to achieve with this partnership?
• What are my partner's mission and values, and are they aligned with mine?
• Has my partner worked with companies similar to mine in the past?
• What is my partner bringing to the table? What am I bringing to the table?
• Can we align on goals and expectations?

2. Establish shared goals and expectations

Discuss your goals and expectations for the project or overall relationship as you form your relationship. What does each party want to accomplish and gain from the partnership? These should be common goals – shared objectives that each of you want to achieve together, that are mutually beneficial, and that will help both of you further your individual missions.

NB: Goals are different from KPIs, which we will cover below.

3. Define roles

Decide which team members from each partner company will be involved in the projects you work on together. Additionally, define roles and responsibilities upfront. There may well be overlapping roles on each team, so it's important to clarify who will do what before getting into the nitty-gritty.

Furthermore, each team must have a point of contact – the person responsible for communicating with the partner. This will help you simplify plans and information and avoid confusion.

4. Get internal feedback

Don't underestimate the power of your internal team members . Even when working with an external technology partner, you must keep your internal team engaged and informed about your efforts. Accept their ideas when it comes to your partnership – they may have suggestions that could solidify the relationship and make it even stronger.

This should be the case whether your team members work on-site or not. Accept ideas from remote and in-person team members alike. Hold check-ins to discuss your individual progress and ideas when it comes to other arrangements, assuming your partnership is relevant to their work.

5. Establish communication channels and strategies

Communication is one of the most important parts of any technological or business relationship. It must be constant and multifaceted. As you won't see each other face to face often – or ever – it is essential to establish strategies and communication channels from an early age.

Determine what works best for both of you. For example, how often will you communicate, formally and informally? What methods will you use? Are all team members involved comfortable with the tools you plan to rely on? What will you use to facilitate communication?

6. Determine measures of success

Key performance indicators (KPIs) are important for any project, whether alone or with a partner. This is how you will measure success. Of course, when working with a technology partner, you will need to develop your KPIs together.

What are the results you two seek to achieve – together? What factors are important to both of you, individually and collectively? What data do you need? What progress do you need to make? How will you determine if you were successful? These are the factors you must establish from the beginning.

7. Track progress, benchmarks and best practices

Document everything . This includes best practices, plans, progress achieved, benchmarks, goals and results. Any problems or glitches you encounter – write them down. Any solutions you find – track them. Not only is this important to ensure you achieve your goals, but it will also be invaluable for your next project(s).

The objective is to create a kind of history of your project, illuminating what went well and what can be improved next time. It will be extremely helpful if you continue to work together or go your separate ways.

What to Consider When Selecting a Partner

There's a lot to think about when choosing a partner. For example:

• Individual and shared vision
• The longevity of the relationship
• How will you further each other's goals
• The specific type of partnership
• Risk involved
• Nature of the business
• Compatibility

There is a lot that needs to be done to make these arrangements work. When done right, however, forming technological relationships can lead to great success – both for you and your partner.