If your business operates within a channel delivery model, your success is directly affected by the companies you select to partner with. No matter where you sit in the chain, you can’t complete a transaction in isolation, you require the input of various partners to get your deals across the line.
Although this is the truth of channel businesses, many operate as though their success is based solely within their control. They operate with an individualist approach, rather than considering the benefits of improving the collective.
There are currently many inefficiencies sitting between partners such as data errors, time delays, small yet costly transactions and poor communication. All these inefficiencies compound down the chain, and it leads to a sub-par outcome for the end customer, as well as missed revenue opportunities for the various partners.
If the channel players were able to implement a cohesive approach to how they serve their customers, they would amplify their relevance to the market, resulting in more profitability and growth for their individual businesses.
It’s all about providing timely and cost-effective solutions for the customer, to do this, you need to create a symbiotic ecosystem. One that allows each partner to play to their individual strengths for the benefit of the collective.
To do this, you need each player in the chain to be operating with the most accurate and timely data, with automated processes between them to remove time delays, human error and improve communication.
Most vendors for example will invest in automating their own processes in isolation, meaning the downstream partners will be required to do more of the heavy lifting but without any increase in margin or a decrease in their own operational costs.
Exacerbating this problem is many businesses do not have a sophisticated approach to how they manage sales data. Running off spreadsheets and disjointed legacy systems, means their data is often outdated, inaccurate and double handled (or more). It’s each partner’s individual responsibility to transform their internal operations but whilst doing this, considering their related partners.
The next step is connecting isolated silos of data across the channel. There are massive amounts of revenue to be gained here, along with a reduced cost to transact. You still have control of your data and can control your value to market, but your channel is now operating as an ecosystem with accurate and timely information and underlying processes for all the key players.
The fact is, an asset does not exist in isolation, and cannot deliver a successful outcome in isolation. When you can see the bigger picture, through the connectivity of an ecosystem, you are able to influence how the next wave of end customers will consume tech.
There will be countless opportunities for upsell, cross-sell, renewal, upgrade and end of life replacement. There will be huge value unlocked in your existing customer base, creating more revenues and additional profit.
For Vendors, having accurate information will provide a feedback loop to know which partners are influencing deals and increasing your revenues.
For Distributors, this is the perfect opportunity to transition your business beyond logistics and credit and become the channel influencer that your Vendors can’t do without.
For VARs/Service Providers, this is the opportunity to become the strategic partner your customers can’t do without.
It’s about elevating your channel as a whole so that each partner enjoys the individual benefits of success.
You’re already working together and reliant upon each other, why not become the most efficient and profitable channel possible?
At iasset.com, our mission is to facilitate the channel ecosystem. Our unique Installed Asset Lifecycle Management platform will transform your internal operations, making you a more valuable channel partner. With the most sophisticated technology available on the market, you’ll enjoy all the benefits of accurate data, automated processes, business intelligence tools and you’ll be in the position to make your partners more efficient and profitable.