How Digital Partnerships Drive Business Success
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How Digital Partnerships Drive Business Success
The majority of global executives believe their organization will need to forge relationships with other companies to maximize the value of future technologies. -
Well-Connected
53% of the global business leaders surveyed believe their organization will need to join a network to leverage tech trends in the future, and 56% said having digital partners is viewed positively by key customers. -
Robust ROI
Among firms that have established digital partnerships, 64% of their business leaders expect partnership efforts to produce no less than 10% of their overall revenue within 12 months, and more than 30% said they will generate at least 25% of revenue. -
Inside-Out
35% of these leaders said their organization pursues partnerships with companies in their industry to enhance innovation, and 30% said they seek partnerships with businesses outside their industry. -
Solo Act
44% predicted that companies "going it alone" will soon be a thing of the past. -
Top Drivers of Digital Partnerships
Expanding reach into new markets: 40%, Developing new customer segments: 39%, Developing new products and services: 36%, Establishing new capabilities or augmenting existing ones: 35%, Accessing new technologies: 33% -
Tech Focus of Digital Partnerships
Big data/analytics: 33%, Cloud computing: 33%, Mobile apps and services: 32%, Social media: 27% -
Customers and Profits
26% of global execs said their company's most significant digital partnership has resulted in the acquisition of new customers, products or services, and the same percentage said their company has increased profits due to the partnership. -
Tangible Value
26% said their organization's most significant digital partnership has resulted in the development of new products or services, while 24% said it has enhanced capabilities. -
Seize the Day
38% of the respondents said their organization has embraced digital disruption, and 25% described their company as a digital disruptor in its own right. -
Evolving State
43% believe that the current industry classification of their company is no longer accurate.
The digital partnership has emerged as the business model of the present—and future—as the majority of global executive leaders believe their organization will need to forge relationships with other companies to maximize the value of future technologies, according to a recent survey conducted by the Economist Intelligence Unit and sponsored by Telstra. The resulting report, "Connecting Companies: Strategic Partnerships for the Digital Age," notes that a significant share of these executives predict that organizations that decide to "go it alone" will eventually go out of business. The execs maintain that existing digital partnerships have positioned them to increase revenue substantially for the next year, enabling them to develop new customer segments, products and services. These initiatives are also helping them access new technologies, especially those related to big data/analytics, the cloud and mobility. "Digital technology is blurring the distinctions between companies and industries as we know them," according to the report. "Offline companies in older industries—those that came to the Internet later in life—are looking to develop digital capabilities by partnering with those that have perfected them. Native online companies, for their part, are learning to value the product and service expertise of offline firms as they attempt to turn rapid growth into mature, profitable and sustainable business models—or simply to survive." Nearly 1,045 global business leaders took part in the research.