This article is the first in a series written by the Rhythm of Business on why the time has come to digitize your practice to drive value for stakeholders, your partners, and you. It is republished (in part and with permission) here with thanks to our partners at the Rhythm of Business.
Key Takeaways:
The time to digitize is now. Remote work has laid bare a new urgency to rethink how alliance management is done. Alliance Managers need to become more agile, iterative, and focused on what truly matters .
Improve visibility & access to information. Individual alliance managers spend an inordinate amount of time updating, following-up and reporting to their alliance teams and governance committees. With a digital platform they can better track projects, plans, risks, timelines, and required actions, freeing them to focus on more value creating activities. Most other strategic business functions are already doing this. It is time for alliance management to get onboard. The requirements of remote work add a new urgency to the need.
Maximizing Value Creation. Digitizing the routine work of alliance management, allows Alliance Managers to focus on higher-value services, such as providing strategic oversight, ensuring the right stakeholders are convened (virtually) to work through issues before they become problems, or leading a negotiation. A platform also helps an alliance manager be more proactive, with current information at their finger-tips, which is something stakeholders greatly value. Being proactive can prevent delayed or sub-optimized decisions, which cost both time and money.
Digitization Enhances Resourcing Strategy. When the project is handed over to the commercial team, someone leaves a job and a new person is hired, having your alliance on a digital platform makes the hand-over easy. No more hunting for minutes to understand what decisions have been made. No more searching for documents. The new team or alliance manager can pick up where the prior manager left off without missing a beat.
Want to learn more? Read the full article on the Rhythm of Business website or talk to us about how we can help digitize your alliance management.