be a digital-first business

4 Reasons to Re-imagine Business Partnerships in the Digital Economy

Thursday October 18, 2018, by Brillio

We live in an on-demand world. How we consume, travel, and even entertain ourselves depends on services that give us what we want, when we want it, and how we want it. Enterprises are evolving to tap into this need of customers and replacing traditional business models faster than anticipated, offering services, products, and experiences that customers love.

Offering services to customers at the tip of their hands has already become the order of the day. However, if you can find reliable service partners to create smart service packages and keep a customer within a single ecosystem – why not? Think of a flight booking service provider that also lets you book third-party cabs to and from the airport within the same app. Or maybe if you can deliver a richer experience by leveraging services outside your ecosystem? For example, offering courier tracking service with better accuracy by using real-time traffic and weather information, again within the app itself.

Such sharing of resources, data, and intelligence across services is enabling enterprises today to realize new revenue streams and reap the benefits of the changing digital economy. The essence of leveraging such business models lies in how well-equipped an organization is to integrate external services on demand.

Integrate, integrate, integrate!
The new-age of digital has poised enterprises to cash in on ‘everybody-wins’ partnerships and the examples are all around us. Uber leverages Google’s maps for a consistent experience. Slack brings together files from Dropbox, Google Docs and so on. Diversifying the ecosystem within which an enterprise operates can bring significant benefits over an otherwise self-sustained system.

Here are 4 reasons to integrate your business with partners to thrive in this digital economy –

 

 

1. Extending the reach of your business
The last time you booked a flight, did you search on the airline carrier’s website or on a flight aggregator? The airline acquired a customer without ever getting in direct touch with you.
A simple example of how partnering with a 3rd party can open up new channels.

2. Giving your customers a smoother experience
Would a customer enjoy searching for a hotel on one platform, looking up the location on another, and making the payment on a third one? Surely not.
Collaborating with partners providing location and payments as a service in this case allows for the consistent experience.

3. Innovating your offerings
Amazon’s new service of delivering packages to the trunk of cars was only possible through partnerships. With automobile manufactures opening up their systems for Amazon to integrate with, Amazon now provides its customers convenience unimagined.

4. Expanding capabilities instead of developing them in-house
If a lending institution wants to utilize the power of cognitive computing for better assessment, developing the capability would be a challenge. A cheaper and faster way would be to engage specialists in the domain and securely connect their systems for interchange.

 

Conclusion
In this new-age digital economy, customers are relentless in expecting services faster, better, and in the form of rich experiences. The business landscape is not just one of competition but also of collaboration in the way of re-imagined partnerships that delivers more value to all three stakeholders – you, your service partner, and most importantly, the customer.

Learn more about how businesses can stay relevant in this digital economy here.


Share Post

Facebook
Twitter
LinkedIn