In this digital world, with new game-changing technologies transforming the market almost every single day, it has become critical for businesses to select and implement the best technology practices to drive profitability and growth. Given the significance of investment in technology and the cost to your business if you get it wrong, it is important that you select your technology partner wisely.
This can only be a successful journey when the technology partner is well-equipped to meet the company’s needs and align with the business goals. In a decision-making process, success is contingent on asking the right questions and it can be an overwhelming ordeal. Here are the key attributes that businesses should look for while choosing the right technology partner.
It is critical to ensure that you can trust your technology partner. Any lasting partnership is built on a foundation of trust, which your partner will need to earn. Key to earning this trust is ascertaining whether your partner delivers on its commitments from your own experiences and from the experiences of others who have worked with them.
Expertise and capability
Ensure that your technology partner has a depth of talent and expertise in the technology and a proven strong track record of delivery. They should have a portfolio of work that showcases their experience with companies with similar needs and demonstrate the value and results they drove for them. Broad knowledge about your industry and your clients will also help you get the right technology solution for your needs.
While in the right circumstances working with a new player in a market can be rewarding, it comes with some degree of risk. Some new players may not be there when things become difficult, while established players may offer more certainty, there’s a chance they may be complacent.
Consider the risk profile on the offered technology – is it a mature offering or a new offering? Sometimes newer is not better – in many cases getting the most out of a previous investment is the best business case.
Risk profile on the partner – do they have the capability and experience you need or do they offer something compelling that will give you a competitive advantage? If a prospective partner can’t objectively talk about the risk profile of themselves or their technology then that is likely to be a sign of unacceptable risk.
As you’ll need to work well with your partner, their values set and corporate culture is equally important. Culture can encompass many characteristics such as communication style, formality and expectations of documentation. Operating under the right expectations and aiming for the same results will reduce miscommunication which is the key to a successful partnership.
It can be a daunting process to select a technology partner, ticking away these key attributes can help to quickly figure out the best partner for a successful digital transformation journey.
Mike Russell, COO, Central Innovation