In episode 82 of the Leadership Minute, Janet Schijns discusses the power of strategic partnerships to navigate challenges, unlock opportunities, and achieve sustainable growth in the digital economy. Failure to do so leads to falling behind.
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00:34 — The digital economy has brought unprecedented opportunities for businesses, but with rapid change comes significant challenges, says Janet. Strategic partnerships have emerged as a critical tool for enterprise success.
01:01 — Partners provide access to expertise and technology, reducing the time and cost associated with in-house development. Janet cites GM’s decision to go it alone in telematics navigation and screen interaction solutions, despite 80% of car buyers wanting Apple Carplay, as an anti-partnership move that could be lethal for their business.
01:36 — Partners also help expand market reach, enhance brand visibility, and tap into new customer segments. Failing to cover in-person tech services for, say, remote employees in Topeka, Kansas, without a local presence, leads to turnover and wasted work.
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02:01 — Partnerships foster unique capabilities, enabling quick responses to market shifts and emerging trends. Generative AI’s impact and customer demands require staying on top of the latest trends and innovations, and partners can help you stay ahead in this and other cutting-edge and disruptive technologies.
02:26 — Strategic partnerships can help your enterprise share and mitigate risks by spreading the burden of investments and shouldering those potential losses together. This is critically important in areas like security. Even the best CISOs in the world know a security partner is critical for their success, says Janet.
02:46 — Failing to form strategic partnerships limits growth opportunities, leaving enterprises struggling to keep up with competitors who leverage collaborations for new markets and technology.
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03:17 — Operating independently in a changing environment increases vulnerability with limited resources to navigate challenges and disruptions.
03:30 — Failing to form partnerships reduces competitive edge, hindering innovation and resource allocation, and impeding long-term growth.
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