Partner relationship management (PRM) refers to a collection of strategies, processes, and tools that businesses employ to automate business activities with partners that sell their goods. These systems are frequently cloud- or web-based, they typically contain a customer database, partner portal, and other tools. These tools enable businesses and partners to help manage sales KPIs, prospects, operations, revenues, and leads. Discounts, pricing, and Inventory are all tracked through partner relationship management systems. Such multiple uses of the system is likely to accentuate its demand in the global partner relationship management market in the years to come.
In addition to or instead of utilizing a direct distribution channel, many businesses depend on partner firms to sell their goods on their behalf as part of their channel strategy. Independent software vendors ) (ISVs), value-added resellers (VARs), original equipment manufacturers (OEMs), systems integrators (SIs), merchants, managed service providers (MSPs), or consultants are all instances of indirect channels. Channel managers can make use of a partner relationship management system in order to streamline all of their partner sales processes and reduce redundancy within the company.
The need to oversee and regulate the functional link between external partner channels and companies, as well as an attention on improving partner communication and lowering costs of channel management, are all projected to fuel expansion of the market, according to researchers at Transparency Market Research (TMR). Privacy concerns and data security, on the other hand, are all projected to constrain industry expansion. There are a few profitable prospects for providers of partner relationship management solution. Some of such prospects for such solution providers in the industry include using business intelligence (BI) to improve channel performance and incorporating AI into the partner relationship management in order to optimise partner engagement. These opportunities are likely to work in favour of the global partner relationship management market in the forthcoming years.
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Businesses are Reaching Out to Channel Partners to Stay Ahead of Competition Curve
Businesses are finding it challenging to differentiate their product offerings in the existing competitive industry. It is becoming much more difficult due to the staggering rate of change. Over time, the rate of sale, production, and pivoting has increased. Businesses are aggressively reaching out to sales partners to support massive development in order to stay ahead of the competition. Businesses can grow into new markets by forming sales partnerships.
Channel managers are declaring new market prospects and delivering branded offerings to their partners so as to boost channel reach and loyalty. According to a recent research by Accenture, most of technology firms rely on indirect sales channels to advertise their products. Cisco, for example, would get around 80% of its revenue from channel partners and one-third of its sales from indirect channels. As a result, the necessity to manage the functional relationships between businesses and their external partner channels is likely to propel the global partner relationship management market forward.
Rise in Data Breaches and Cyber Attacks Likely to Stymie Growth of the Market
Partner relationship management solutions store a wide range of information, comprising business-critical information and customer information. PRM may be rendered unviable due to privacy concerns. Mobile operators are quite wary about jeopardising consumer data security since it could result in losing out customers. Rules like the General Data Protection Regulation (GDPR) hold this industry responsible for data security. When it comes to data exchange and accessibility, businesses are quite cautious. As a result, partner relationship management service providers must uphold the highest standards of security and privacy. One of the most critical criteria for effective corporate operations is cybersecurity.
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The exchange between convenience and security is one of the issues with the partner relationship management system. Mobile phones, tablets, laptops, and PCs can all be used as an interface devices to gain access to partner relationship management systems. All of these gadgets must be hooked to the internet, which opens up the door to identity theft assaults, malware, and DDoS. The incidences of cyber attacks and data breaches have risen dramatically in recent years. Cyberattacks have been ranked as the fifth most important risk for 2020 and they are expected to be the next new normal in both private and public sectors. According to Embroker Inc., leading digital Insurance firm, IoT cyberattacks alone are predicted to double by 2025, boosting this risky business further.
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