In a fast-moving business environment, forming strategic tech partnerships is an effective way to stay relevant and keep pace with ever-changing customer demands. Collaboration over competition.
There are technologies built purely around collaborative business models. Often – but not always – this involves a partnership between an established organisation and an innovative tech company. Through partnership, both parties work together to deliver better services to customers.
Done right, tech partnerships not only create value for the end customer, they're also mutually beneficial for both parties. But getting a block right isn't easy. Here's how to make it work.
How tech partnerships work
Partnerships can work in different ways.
A common partnership model involves an established company – for us, often card providers, accounting firms or finance software – partnering with a tech company to incorporate new features and technology. They do this to enhance their existing offering or to provide new services to customers.
The partnership goal is straightforward: to give end customers better services and experiences that meet their needs and expectations. At the same time, the established company benefit from the innovation and agility of the tech partner's products and services.
One of their main advantages is that they can save time and money by not developing their own tech. It's already done for them.
A partnership example
Here's an example of a partnership. We at Findity deliver expense management technology that streamlines and simplifies expenses for companies, employees, and accountants. For that reason, our tech is a great fit for accounting firms, finance software, and company card providers.
By offering a white-label solution, partners can put the expense tech in their own brand and colours. Company card providers tend to offer it as an additional perk of their card offer, whereas accounting firms and finance software companies usually package it as an additional service.
Either way, Findity builds and integrates the expense management tech, and the partner delivers it to their customers. In this way, a successful partnership adds value for everyone involved: the tech provider, the partner, and the end customer. The key is getting the partnership right.
What a good partnership looks like
Not all partnerships are successful. That's usually because little to no consideration has been given to how that partnership will work in terms of technical capability and support. For that reason, it's essential to have a shared value proposition and a deeply integrated relationship.
Sometimes, large organisations are less receptive to building partnerships with newer tech companies. They also have strict regulatory requirements. That's why it's important to nurture an ongoing partnership built on trust and transparency – especially regarding data security and privacy.
A successful long-term partnership needs ongoing collaboration between the two parties. It goes much deeper than simply closing the deal and handing over a telephone number to tech support. It also takes everyone in the tech company to invest in the partnership, from the CEO to the developers.
For established companies, it can be hugely beneficial when the partner provides a dedicated success manager and a product team who ensure that the product and support are the best they can be. That's why it's good to look for a tech company with a partner-first strategy.
When partnering with Findity, we put together a strategic plan to build a strong and long-lasting partnership rather than a vendor/customer relationship. The difference is that we really dig deep to understand our partners' core offering. We aim to complement what they do with continuous support and collaborative efforts to make it even more attractive.
Interested in partnering with Findity? Contact us.
