Did you know that 65% of strategic partnerships fail?
The key reasons for such failure include:
- Unrealistic expectations,
- Communication issues,
- Cultural clashes, and
- The lack of trust.
However, you can save your technology partnerships from failing. How? By doing better groundwork while selecting a partner.
2023 is going to be the year of technology. And having the right technology partner will certainly give you an edge.
Now, the right way to select a technology partner for website development will differ from the process of finding a product engineering partner. But there are still some general guidelines that you should follow. These will help you select better technology partners for any kind of tech project.
- Expertise
The key thing to look for in a technology partner is well, of course, technological expertise. But remember, you need a partner who has a successful record of success in the specific technologies or areas that you need help with. You can ask them for references and even explore their case studies.
- Culture fit
Company culture is a key driver of business success. And thus, it is essential to work with a technology partner that shares your values. It will also be beneficial if your technology partners have a similar work style. This will make it easier to collaborate, achieve your goals, and avoid conflicts.
- Cost
What’s the ultimate goal of finding a technology partner? To ensure custom development and make profits, right?
But if the cost of the partnership outweighs the advantages you won’t be able to show any greens in your books. Thus, it is important to have a clear understanding of the costs involved. Discuss the following costs before signing contracts:
- Upfront fees,
- Hourly rates, and
- Ongoing maintenance or support costs
- Communication
65% of professionals cite communication issues as the cause of workplace failure. Thus, you need to avoid costly instances of miscommunication with your technology partner. You can do that by choosing a partner that is responsive and easy to work with. Make sure that channels of communication are adequately defined. And the partner is willing to communicate properly.
- Scalability
Technology partners are primarily aimed at business growth, expansion, and efficiency enhancement. Thus, it is important to consider whether the partner will be able to scale with your business or not. Do you anticipate your needs changing over time? Then it’s important to work with a tech partner that can adapt and grow with you.
Your job is not done just by finding the right technology partner though. Make sure you also properly convey your product vision to them. This will help set the right expectations and ensure desired results.
Don’t wait up anymore now. Find the right technology partner today. Kickstart your journey toward your 2023 technology vision.
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