News & Views
Managing the business relationship has never been more important than today, and with the launch of PartnerScore (https://partnerscore.io/) unlocking the value of partner-based business models is about to get far more easier.
Powered by academic methodology known as ‘Mindshare’, the PartnerScore tool (www.partnerscore.io) provides a constant and consistent measurement of what partners really think about the relationship in real time. By identifying cost optimization and disconnections within the business process, PartnerScore helps to improve partner retention rates, and reviews account management effectiveness in a way not seen before to identify productivity opportunities.
Although primarily aimed at the IT industry, PartnerScore is unique in its approach combining the power of broad B2B relationship research and academic rigour. So much so, that the tool can be easily used in every sector including insurance, asset management, public sector, property, logistics, FSI, and professional services.
Like many sectors, the Technology sector consistently experiences challenges in optimizing their partner-based models. In many instances they provide the same incentives and support to partners but cannot understand why they get completely different performance from each partner in return.
“Vendors are collecting and analysing massive amounts of real-time and transactional data from PRM platforms, online tools and partner portals in an attempt to optimize their partner programmes,” explains Dave Ward, Co-Founder and Chief Product Officer, PartnerScore. “By utilizing the latest technology, PartnerScore can quickly provide context to the huge volume of data collected and helps identify actions and investments that will drive up commercial performance.”
“PartnerScore is an intuitive SaaS platform that conducts regular partner health checks across the channel, gathering pertinent information linked to seven key Health Markers. This rolling process keeps a finger on the pulse of partner relationships, reflecting real-time changes in their HealthScore. Not only does this allow organizations to gain an understanding of the state of their channel relationships, but it also allows them to build a plan and track progress against it, ensuring continuous improvement in their channel ecosystem,” says Ward.
Created to deliver that insight into relationship health, PartnerScore helps to answer key questions on what needs to be done both strategically and tactically to improve the relationship. For example, are the partners really committed to the future of the vendor’s business? Do partners trust the vendor? Are the channel programs underway the right ones? Are the vendor’s business processes aligned to be efficient?
“Today, so much business goes through the channel but often there are quite basic measures in place which organizations use to assess the performance of those relationships. In the past analysis has been done based on gut instinct or retrospective tools and point-in-time questionnaires and other quite intangible rationale that can often be biased towards one partner over another,” explains Ian Bamford, Co-Founder and Chief Operating Officer at PartnerScore.
“PartnerScore takes all of that gut feeling and turns it into a concrete score to measure the health of the relationship. But not only that, it enables both parties to put in place an action plan to get the business to where they want it to be – and more importantly keep it there.”
“In 2021, and following the serious impact of the COVID pandemic, it will become even more critical for businesses to truly understand how their partners are performing rather than second guess their next actions. This platform is unique in its ability to enable vendors to gain an open transparent assessment of the state of play of their channels. This will allow them to take appropriate and timely preventative actions to address continually changing conditions, rather than trying to look in the rear-view mirror and closing the stable door after the horse has bolted. PartnerScore is powered by an incredibly sophisticated methodology, built on a decade of extensive academic research which today is underpinned by advanced machine learning and data analytics tools. A true breakthrough in the way to manage partner networks,” says Peter Ward, Co-Founder and CEO, PartnerScore.
With its sophisticated data analytics and diagnostic dashboarding, PartnerScore allows organizations to see at a glance the areas in which vendors and partners are either over or underperforming and how this is impacting the overall business performance and relationship - taking business intelligence to a whole new level.