What are the key benefits and challenges of using a partnership platform vs. a DIY approach?

Using a partnership platform offers key benefits such as access to established networks, streamlined processes, and shared resources, which can accelerate growth and reduce costs. It also provides expertise and support that can be especially valuable in navigating complex or unfamiliar markets. However, challenges include potential dependency on the platform provider, limited control over operations and strategy, and the need to align with the partner's objectives and standards, which may restrict flexibility and innovation compared to a do-it-yourself (DIY) approach.

Using a PRM platform offers key benefits over a DIY approach, primarily streamlined management, compliance, a single source of truth and advanced analytics. PRMs provide a centralized system for tracking and managing multiple partnerships, enhancing efficiency and reducing the administrative burden for partnership teams. They often come with built-in tools for performance tracking and analytics, offering deeper insights into partnership success and areas for improvement. Challenges include cost of platform services and limitations in customization based on specific needs. A DIY approach offers greater control and customization but is not scalable. It puts time and effort burdens on already resource-strapped partner teams.

Using a partnership platform offers streamlined collaboration, efficient communication, and centralized management of partnerships. It provides a structured framework for onboarding, tracking performance, and sharing resources. The platform's analytics offer insights for informed decision-making. However, challenges may include upfront costs, potential customization limitations, and dependency on the platform's updates. On the other hand, a DIY approach grants more flexibility and control over processes, but it requires significant time and resources to develop and maintain. It may lack the features and integrations provided by specialized platforms, potentially leading to inefficiencies and scalability issues.

There are many good tools out there and reputable SaaS platforms one can use. There is much work though before one uses a platform at scale. A readiness assessment can help here, to determine whether sufficient clarity has been achieved, for multiple individuals to engage on such a platform. The assessment would cover both 'hard' elements such as data quality and interfaces, as well as 'softer' elements from levels of trust to culture fit between the organisations - all will impact how successful the implementation of a partnership platform would be.

Partnership platforms are a great route to formalizing your structure and managing it professionally. It is your ERP for driving your ecosystem. it would work especially well when you have a diverse partner network.

One of the key contributions of Partnership platforms is data - deep insights into how things are working, which will help you in driving engagement and filling in the gaps to make your partner ecosystem more efficient.

A couple of challenges of using a partnerships platform. The switch over effect from a manual to automated system, which will affect the way you work. The second challenge is the lack of human touch where you can tweak and align seamlessly with how your partners work, and build in extra buffer at any level to simply move ahead without having to go through all the systems. But this does not take away the efficiency and contribution of partnership platforms.

Most small partner ecosystems use this mode of managing their partner ecosystems. This helps to manage costs, and get things done.

Using the Do-It-Yourself Approach is the best way to determine whether your partnership program can be successful when it is scaled up. It means you and your partner are responsible for defining: ? Structure ? Deal parameters ? Metrics and Reporting criteria ? Duration Once you have a proven strategy and predictable ROI, you scan seek out a platform that will relieve some of the administrative burden for managing the program. However, using a partnership platform is not necessarily required, even as you do scale up. Paying for platform tools just makes the break-even point farther away and may be too confining for them to make sense in every case.

Choosing between a partnership platform and a DIY approach is a dilemma we have all faced in business. In my experience, I've leaned more towards a DIY approach. It has many benefits; it has saved me money and given me more control and flexibility to tailor the partnership based on my partner's needs and mine. It also enables us to make adjustments faster when needed. The DIY approach is invaluable as it gives you hands-on experience when creating a partnership, enabling you to make informed decisions should you use a partnership platform later.

Flexibility: DIY approaches offer more flexibility, allowing organizations to tailor their sourcing processes to specific needs. Cost Control: With a DIY approach, organizations have more control over costs, avoiding subscription fees associated with platforms.

Rapid changes and tweaks to specific partnership arrangements, objectives and operational aspects are key benefits of a DIY approach. Humans can talk to each other, instead of feeding systems. At operational level, this can help in clearing issues and aligning partner teams on a one-on-one basis.

The benefits of a DIY approach are: 1. Control of costs and structure 2. Ease of adjustment or termination 3. Lower price point to break-even

The DIY approach may be necessary in the beginning as your build out your ecosystem, but they generally do not scale. You will quickly find yourself spending more time with manual work than you would with a PRM platform. If it's a budget issue, create a game plan that can be approved by senior leadership once you get to certain levels of partnerships, opportunities, wins, revenue generated, etc. That way you are supported internally for scalability.

Partnerships can bring in outside perspectives and innovative ideas, while a DIY approach may limit diversity of thought and creativity. In a constantly changing environment, partnerships may offer greater flexibility and adaptability than relying entirely on internal resources. It's essential to consider not only immediate costs but also long-term costs and the added value of each approach when deciding between a partnership platform and a DIY approach.