Working with the right technology partner is crucial in a successful business. No matter how great your idea and team is, at some point, you need a technology partner. Finding the perfect fit for your company requires exploring options, understanding what you want from them, what they offer and then selecting the best fit for your company.
Having the wrong technology partner will cost you money and time, but will also massively impact the chances of your business success.
So, you have ended up with a technology partner but you might be wondering whether you made the right choice and if the is grass greener on the other side? Well, it might be. Here’s why you should consider changing your technology partner.
Consider the value your current partnership creates
There are several reasons why you have ended up with your current technology partner. It was something that differentiated them from the sheer amount of technology partners. Maybe it was their customer experience, experience in the business area you operate in, or it was the lower cost that they offered initially to work with you.
These factors might have changed since the cooperation began. Therefore, it is good to consider the value of your partnership, what does it bring to you and your company? A good reflection on the partnership occasionally is essential in keeping your business ahead of your competition. This is how you avoid the feeling of falling behind your competitors:
Avoid the feeling of falling behind
To make sure you don’t fall behind you need to ensure that communication with your technology partner is top-notch. If it is not, and the relationship is otherwise deteriorating with time, try first to bring attention and awareness about this topic to your partner. If it doesn’t improve then it is viable to start looking for other options.
The partnership should have a clear support model, something that is mutually agreed upon. Your partner should be the one advising you on maximizing the investment you have made towards that partnership, offering proper account management.
Another red flag is if the technological expertise starts showing signs of declining. One way to determine is if your competition is starting to gain market share from you, or even have passed you with their knowledge. Your company wants to be on the cutting edge to be successful, and there is no need for anything else.
Don’t settle for subpar communication and don’t let declining expertise come between your company and the success that awaits. Considering other partners is viable if you are starting to feel like you’re falling behind.
Expand your technology expertise
One of the main characteristics you look for in a technology partner is their technological expertise. Great technology partners have years of experience in that specific field you are working in. They understand that their job is to help their customers to be successful.
Your technological expertise must complement each other. The discussions with your current partner should be focused on outcomes and improving your processes. Expanding your current technology expertise is key in growing your company.
Having technology expertise only is not enough though. Your partner needs to show expertise and business understanding in that specific field you are working in. The benefit of having a great partner is that they are qualified in your specific industry, having a better understanding of the technology stack for your use case. This reduces the number of resources needed and enables better solutions.
Your technology partners’ expertise in cooperation with your company’s existing expertise is the driver towards an aspiring business. Only when these are aligned you can create successful products or solutions.
Futures are more aligned
A business-oriented partner will ensure that you end up with a correct technology solution, aiming for long-term success aligned with your business strategy. They are not there just to support your immediate goals but are in it for the long run too.
What helps determine whether your futures are aligned are their views on growing together. While this is most likely your priority, a discussion on whether your technology partner is willing to grow is essential and a good takeaway on how they see their future as a business.
Aligning your futures allows the companies to seek scalability in mutually benefitting solutions, and therefore it is important to have a technology partner which has an aligned future with your company.
Better resource management
Working together should bring a lot of other benefits to your business, such as resource management. How the projects are scheduled, how each other’s timings are respected, the overall cost of the projects and how flexibly all this is managed are valid discussion points when considering your current partnership.
Your technology partner should have a mindset of working with the customer, and not only for the customer, the customer being you. This tighter collaboration means greater value to both parties in the project.
Thinking about the next step?
All projects should create value and that should be larger than the sum of its parts.
Considering the long-term in your business case, avoiding falling behind the competition and ensuring the correct use of your resources are focal points in you choosing a suitable partner.
Remember that the operating environment is always evolving, and that could bring challenges in identifying the necessary functions.
Our guide should help you recognize some of the most common and critical hidden costs from an IoT solution and technology provider: