IDG Contributor Network: Strategic partnership: A magic bullet for enterprise innovation

0 Posted by - 28th September 2019 - Technology

Consumer demand is becoming increasingly more complex, and businesses must scale while remaining nimble. But companies can’t “be everything” to their customers. In an effort to cover customer needs, enterprises employ creative innovation strategies, new product development, imaginative digital marketing and even costly qualitative acquisitions.

As the need to provide a greater array of services becomes more apparent, strategic partnerships have emerged as an opportunity to help enterprise businesses scale. Many organizations are experiencing remarkable, incidental innovation and growth by partnering with providers to meet their customers’ needs. Make sure your organization doesn’t get stuck on the sidelines!

A tale of two partner types

Different types of partners can serve your business customers in varying ways, thus producing a variety of possibilities and benefits. Two primary types have surfaced again and again as continual drivers of the trend.

1. Platform partners

Vetting, training, and certifying developers to gain and employ API-Ievel access is a high-reward move companies make to add functionality not previously available to their commercial customers.

For example, a multi-location restaurant may discover (within a partnership integration) an on-premise accounting solution that collects previously unsaved data from the point of sale. With the right integration, the commerce data, the date-and-time data, the payment data — and more — of every transaction can now be fed directly into an application that could generate both the monthly accounting and the regular tax filing.

If the food and beverage example represents a smaller-scale visual, then consider when that restaurant, candlemaker, tutor, merchant, courier, salon, or local service provider, for example, begins to grow. Their complex needs will likely work with your (also expanding) products for a time, and they may even be able to “engineer” simple integrations on their own. But the more complex their unique needs, the more help they’ll need.

read more at by Pankaj Bengani