3 methods to forge stronger business partner alliances [Video]

Want to build better tech partnerships? Creating and nurturing fortified ties built on mutual, goal-oriented collaboration can help.

Credit: Shutterstock / Alex from the Rock

It’s estimated that upward of 70% of strategic partnerships end in failure, with some of the most commonly cited issues being unrealistic expectations, disagreement over objectives, and poor trust and communication. But when respective parties get the formula right, great value can be created far beyond what any one company can do alone. 

What’s the differentiator? Research from the University of Tennessee (UT) suggests the strongest alliances in business focus on finding collaborative solutions specifically tailored to the needs of each partnership.

There’s a tendency for business relationships in the tech space to primarily take on a transaction-based approach, especially in supplier and outsourcing relationships. Enterprises provide money for a set range of products or services with little to no value or interaction beyond the basic items included in that transaction.

The transactional natureof these relationships means they’re often not …