How can you identify the best BRM tools for your business?

1 Assess your current BRM maturity

Before you invest in any BRM tool, you need to understand your current level of BRM maturity and identify the gaps and opportunities for improvement. A BRM maturity model can help you assess how well you are performing in terms of strategic alignment, business value, relationship quality, and governance. Based on your assessment, you can prioritize the areas that need more attention and define the criteria for selecting the BRM tools that can address them.

2 Compare different types of BRM tools

When selecting a BRM tool, it's important to compare different types based on your specific needs, goals, and preferences. CRM tools help manage interactions and relationships with business partners, while portfolio management tools help align the portfolio with the business strategy and prioritize demands. Value management tools measure and communicate value created for business partners and the organization, while collaboration tools enhance communication between you and your partners. Additionally, you should consider the compatibility, integration, scalability, and security of the tools with existing systems and processes.

4 Test and review the BRM tools

Before you make the final decision, you should test and review the BRM tools that you have selected. You should conduct a pilot or a trial with a small group of users and business partners, and collect their feedback and opinions. You should also measure the impact and results of using the BRM tools, such as the improvement in relationship quality, value creation, and performance measurement. You should compare the test and review outcomes with your expectations and criteria, and identify the strengths and weaknesses of each BRM tool.

5 Choose the best BRM tools for your business

After you have completed the previous steps, you should be able to choose the best BRM tools for your business. You should consider the cost, benefit, and return on investment of each BRM tool, as well as the support, training, and maintenance that they require. You should also consider the feedback and preferences of your business partners and other stakeholders, as they will be the ones who will use or benefit from the BRM tools. You should choose the BRM tools that can help you achieve your BRM objectives and overcome your BRM challenges, and that can also fit your budget, culture, and vision.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?