Partner Relationship Management Solution Are Key to Success

No company can operate alone in today's business world. Partnering with other organizations allows companies to expand their footprint, gain access to new markets, and leverage complementary skills and resources. According to a recent study, over 70% of company revenue can be attributed to partner relationships. Maintaining productive partnerships has therefore become a core business function.

While partners undeniably extend business capabilities, they also introduce complexity that can negatively impact results if not properly managed. With each new partner comes more handoffs, communication channels, contractual obligations, and potential for disputes to arise. Performance issues on the partner's end could reflect poorly on the company and damage customer relationships.

An Effective Solution for Oversight

To mitigate these risks and maximize partner ROI, companies need a comprehensive Partner Relationship Management Solution. PRM software centralizes all partner data, activity monitoring, SLAs, certifications, invoices, and more in one system of record. Joint opportunities, programs, and initiatives can then be coordinated efficiently across all stakeholders.

Teams Have Visibility and Insights

With PRM, field teams maintain up-to-the-minute visibility into each partner's performance, capabilities, certifications, account alignments, and more. Sales and marketing teams gain insights into top-producing partners to focus resources accordingly. Procurement teams streamline contractual terms and invoice processing. Management easily tracks KPIs and generates customized reports.

Ensuring Compliance and Resolving Issues

PRM automates compliance and certification tracking to reduce errors. Automated alerts notify when renewals are due or partners fall short of agreed-upon standards. Issues can be documented, assigned, escalated, and resolved through native workflows to contain damage and prevent reoccurrence. Customer support is also better coordinated through an integrated view of partner activity on shared accounts.

Empowering Partner Relationship Management Solution

Many PRM platforms include a partner-facing portal as well. Partners access customized content, training materials, lead routing, sales and marketing collateral, support cases, and performance metrics. They gain the tools and insights needed for self-sufficiency while upholding brand and technical standards. Self-service access speeds response times and issue resolution.

A Holistic Approach to the Partner Ecosystem

When adopted holistically as an integrated management solution, PRM transforms how companies strategize, grow, and optimize their partner ecosystem for profitable collaboration at scale.

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