What Is a Digital Partnership

Among the many options you have, it`s normal to hesitate to choose a digital partner for your business. What aspects should you consider when making this decision? Let`s take a look at the most important ones! Strategic partnerships are not new, but their importance has increased enormously in the digital space. In 2017, McKinsey surveyed 300 CEOs worldwide in 37 digital transformation sectors. A notable observation was that more than 30% of them had cross-sectoral dynamics in mind. Many were concerned that companies in other industries would have a clearer view of their customers than they did.1 Use the button below to find out what your company`s digital transformation might look like. Today`s digital partnerships point to bigger changes. Businesses will find it increasingly difficult to compete on their own as everything from mobile health to smart homes to wearable technologies connects. These cross-sectoral technological developments, as well as the advent of hybrid industries such as fintech, will contribute to the growth of cross-sectoral partnerships. The desire to access the digital capabilities of others is common to most, if not all, of these digital partnerships – just like many traditional joint ventures.

However, timing is a remarkable difference. The speed at which technology is evolving now means that companies need to acquire these skills quickly if they want to be competitive, rather than waiting to develop them in-house. However, digitalisation also carries the risk of exacerbating existing inequalities and being misused to undermine democracies and social cohesion and violate human rights. Companies need to adapt and embrace digital change, otherwise they will be left behind. Just look at companies like Woolworths and Blockbuster as good examples. As a species, human survival depends on our ability to detect and respond to changes in our environment, and organizations are no different. However, the trick is to interpret what these changes mean for the market and customers and, more importantly, when they will impact and how they can be absorbed or capitalized. If leaders are unable to interpret these signals of change, they are no better placed than those who did not see change coming.

Don`t be complacent. Stay paranoid. Share “What is a digital transformation partner and do you need it?”: Interestingly, the founders of B-Hive have created two complementary partnership platforms called “The Bridge” and “The Glue” – with their own business models. The former offers experience, skills and capabilities that facilitate collaboration between financial institutions and technology start-ups and expansions. The latter provides a software development platform that enables financial institutions to quickly create and deploy open banking APIs. In other words, The Glue enables financial services companies to become platforms of digital innovation components. From setting clear goals to managing complex conversations, the best digital partnerships are based on transparency and trust. What steps has your company taken to establish a successful digital partnership? The EU also wants to ensure that digital skills and competences are widely available to ensure that citizens can master digital technologies and solutions for the benefit of their own political, social and economic empowerment and that of their entire community and society. Before entering into any form of partnership, organizations must ensure that they comply with due diligence. Carefully research the company you want to work with. Some of the most important factors to consider include: Do they already have existing partnerships or a strong alliance with your competitors? How could they affect what you bring to the market? What other partnerships have they created? How successful have they been? Take the time to weigh the opportunity, make sure the partnership is mutually beneficial, and don`t feel pressured to make a decision. In April 2015, InterContinental, the world`s largest hotel chain by number of rooms, announced a partnership with Stay.com, an Oslo-based group that offers tailor-made travel guides.

Some commentators see such initiatives as a reaction to industry disruptors such as Airbnb, Uber, Google or Apple. While it`s true that disruption can often be a call to action for leaders, at the same time, these digital disruptors themselves are not immune. Creating digital partnerships and ecosystems will show you how to navigate the changing landscape of digital technologies, help you understand which partnerships your company needs to win in the era of the 4th Industrial Revolution, and how to become a better partner. An initial partnership strategy is to improve an existing supplier relationship. In order to get the most out of this relationship, a supplier in this case must make a digital detour through their customer`s customer. B-Hive is an example of a European Fintech8 platform designed to bring together banks, insurers and market players.9 Together, they work on common innovation challenges and build bridges to the start-up of communities. B-Hive connects the dots in the fintech space in different ways; for example, by putting Brussels on the map as a smart gateway to Europe, building bridges between the eurozone and fintech hubs around the world, and organising players into “hives” that focus on specific challenges of the digital economy (such as cybersecurity and API standardisation). The right digital transformation partner can help shape, execute, accelerate and evolve a true digital transformation of the business on a global scale. The EU is committed to making digital transformation a fully inclusive and transformative process that ensures that the benefits and opportunities of digitalisation are shared among all populations and that the world`s least developed areas and the most vulnerable people are affected.

9. Why is it so important for companies to adapt to digital change? Why not try it before you buy? Consider doing a small project together to test the nature of the working relationship. A minimal test in this way can also help you question and articulate what you think you want. To achieve this objective, the EU supports universal access to improved, affordable and secure connectivity by addressing the challenges related to the lack of digital infrastructure and unreliable energy sources, the affordability of the internet and digital technology and the security of cyberspace. The EU has made it its mission to strengthen the digital sovereignty of its partner countries through the EU`s 5G toolkit and mitigate potential security risks. By developing targeted strategies to offer your selection of digital assets for external reuse in a convenient and versatile way, you can effectively become an innovation partner of your choice in one or more business ecosystems of your choice. Pay-as-you-go or subscription models are obvious monetization options for your platform. However, a more creative win-win exchange of value (with money, goods, services, data, and other intangible assets) between the parties is entirely conceivable. This is not to say that partnerships are always successful. With so many opportunities for form as an alliance could take, and so many pitfalls to avoid, it is crucial that the “fit of the team” is paramount, that the goal is well thought out and that potential problems are resolved as soon as possible. Sometimes it`s not just about finding a good, experienced digital partner.

Often, it`s even harder to find one whose experience is similar to your project. That`s exactly what U.S. bank Capital One is aiming for with its DevExchange portal.7 In addition to accessing a selection of APIs (such as “Bank Account Starter” and “Identity Proofing”), the portal offers several SDK features designed to make life as easy as possible for external developers. Developer engagement features include self-service developer enrollment and instant access to APIs, sandbox test environments, documentation, code snippets, and reference applications with sample code. Would you like to receive an individual offer for your digital project? Ask for it here! First, let me explain the key success factors of digital transformation: New digital applications and services only add value if your company engages with them and takes advantage of the opportunities they offer. A change management partner understands how people react to change and engage with technology. Although D-9 uses the same video codec (DV) as MiniDV, D-9`s video bitrate is significantly higher than that of the “Prosumer” format. DVCPRO achieves bitrate parity with D-9 and D-9 HD, but has a slower band speed, making it less reliable. Some D-9 TVs can record with Sel-Sync or Pre-Read and are equipped with four-channel sound such as Digital Betacam. Serial Digital Interfaces (SDIs) are also available.

A dockable recorder, the JVC BR-D40, which was connected to a variety of cameras, and there was a one-piece camcorder, the JVC DY-70U. [7] You often come across exclusively technical profiles that don`t fully understand your business needs, making it harder to successfully focus on your new digital project. True digital transformation is disruptive; To make your business stand out from its competitors, you need to apply disruptive design thinking to your transformation strategy. To achieve this, companies must become agile and adaptable, willing and able to take advantage of new technologies and use them to reshape the business around customer outcomes. Professional services partners can help you build your advanced digital applications and/or grow your workforce. You can deploy teams of developers, data integration specialists, and migration specialists if you don`t have those talents in-house. To learn more about the digital transformation services available on the market, contact us today. .