“Strategic partnerships are a long-term investment in which we’re not looking for a vendor to come up with all of the solutions, but for both parties to help each other.”
Partnerships never go out of style. Companies regularly seek partners with complementary capabilities to gain access to new markets and channels, share intellectual property or infrastructure, or reduce risk. The more complex the business environment becomes—for instance, as new technologies emerge or as innovation cycles get faster—the more such relationships make sense. And the better companies get at managing individual relationships, the more likely it is that they will become “partners of choice” and able to build entire portfolios of practical and value-creating partnerships.
Of course, the perennial problems associated with managing business partnerships don’t go away either—particularly as companies increasingly strike relationships with partners in different sectors and geographies.
Partnerships in Health & Wellness Care
Forging strategic partnerships now is essential if health care providers are to be ready for the future.
Health care decision makers are under extraordinary pressure to enhance clinical and operational processes and accelerate digital transformation to satisfy an increasing consumer appetite for more personalized, improved, and patient-centric health services. On their own, health care leaders say most hospitals and other health care providers lack the financial and technical resources and expertise required to implement new processes and digital capabilities that embody this new reality. Hospitals and health care providers are gradually coming to recognize the need to supplement their already stretched technical and financial resources if they are to advance the delivery of innovative health services. The pressure of Covid-19 only reinforced their inclination to seek more innovation and collaboration in the future.
Our number one goal is serving patients well. Strategic partnerships are critical to do that. Partnering can go so much further as they can reach out to do more for patients.
There is strength in partnerships!
Partnerships in Education
Collaborating on world-class research
Partnerships with universities open up global opportunities for students. Collaboration increases the quality of academic research, product research use of technology, improve teaching and learning, and sparks innovation that address the global challenges of the 21st century.
Collaborations between universities and industry have given life to many blockbuster discoveries over the years.
There are shining examples of fruitful collaboration between universities, industry partners and start-ups in innovation and development of new ideas and ways. Many ideas from research are put to use through collaboration between universities, students, companies and others.
Endeavours to find solutions to complex social, environmental and economic challenges – especially in health & wellness and lifestyle management principles – have increasingly required collaboration between universities, students and industry because few organisations have the internal capacity to deliver results on their own.
Universities, academics and their funders also wish to see results. There is a trend amongst current cohorts of students to explore entrepreneurial careers, often with a focus on social enterprise.
Partnership & Collaboration in Social Service to Our Farmers
Improving agricultural prosperity can improve the lives of millions of farmers and their families. Of the world’s more than one billion poor, 75 percent live in rural areas. Private sector, market-based solutions can help smallholders address challenges to their productivity, growth, and sustainability. Farmers through the economic development and sustainability must be encouraged for their innovations and potential.
The demonstrated results and future opportunities of these models show immense potential for improving financial services, best practices, and long-term success for smallholder farmers.
Scaling will depend on the right planning which can strengthen the base and thus generate better economic, social, and environmental results for these farmers and their families and communities.