6 ways tech partners can jumpstart innovation

A 2024 survey by NTT Data found that 80% of organizations felt that inadequate, outdated tech was hindering their innovation capabilities. The general consensus supports this, so strategic tech partners are in particularly high demand right now. Not only will they accelerate innovation internally, but they can provide a crucial leg up over the competition. Here are six ways collaborating with a good partner can help.

1. They can better define the innovation strategy

The right tech partners can go a long way in helping you define more clearly your innovation strategy. Their expertise and resources can offer much-needed guidance for how to focus your innovation efforts. Developing an innovation strategy generally starts with clearly defined goals and objectives based around an understanding of the business’ customers and its key competencies. However, translating this information into meaningful innovation with a solid action plan can often prove more difficult. A new tech partner can provide the resources and guidance to create actionable steps to turn goals into reality, so your innovation strategy can be fully realized.

2. They introduce methods to optimize existing processes

For many businesses, one of the chief reasons to find new partners is to take advantage of tech that’ll optimize existing processes. Salesforce reports that over 90% of workers say that automation tools increase their productivity, while 85% say they improve team collaboration efforts. Jahan Ali, CEO of mobileLIVE, says technology partners can introduce automation tools that streamline internal operations, reduce costs, and improve accuracy, freeing teams to focus on higher-value tasks. “Beyond tools, the real value lies in a partner’s ability to simplify complex problems with integrated solutions, building systems where multiple technologies are orchestrated in a seamless, optimized way to deliver the intended outcome,” he says. “That outcome is what matters: driving efficiency, innovation, and customer relevance.”

3. They enable you to replace outdated tech practices and products

Even among organizations that strive to be technologically innovative, outdated tech remains a problem. The 2024 NTT Data study also found that 94% of C-suite executives believe legacy infrastructure is greatly hindering their business agility. New tech partners can play a vital role to help CIOs move forward from inadequate or outdated tech. This includes replacing tech solutions that have already been identified as obsolete, and helping leaders identify further areas where tech upgrades could improve efficiency and security.

4. They identify new markets possibly served through new tech

The right tech partners can provide a powerful competitive advantage to help you identify new markets that could be served by your new tech offerings. One of the most common ways this is accomplished is through data analysis. Tech partners offering deep data analysis capabilities can help businesses identify consumer trends and patterns that uncover new marketing opportunities, as well as audiences that could benefit from a brand’s products or services.

An analysis by McKinsey on AI’s impact on B2B sales says gen AI can monitor internal and external customer reactions, including online reviews and social media, to inform product development and new solutions, which can open new revenue streams. Moreover, gen AI can help sellers form a holistic view of an entire industry, from supply-and-demand insights to the competitive landscape, in order to help shape the way a company offers, prices, and sells products.

5. They help gain faster access to emerging tech

Most organizations aren’t in the business of developing new tech themselves, but any tech partner who’s truly worthwhile will constantly invest in ways to improve their offerings. Tech companies that prioritize innovating in their own space will naturally pass the benefits of that emerging tech on to their partners. By partnering with innovative tech companies, businesses can be among the first to gain access to emerging tech. Being in that position to enjoy associated increases in operational efficiency, or the ability to offer new services to customers, can be a powerful competitive advantage.

6. They can speed up your time to market

The right tech solutions can also quicken your time to market when introducing new products or services. This is even true of tech-focused companies. For example, outsourcing non-critical software development to a partner can free up your internal team’s time to work on higher priority tasks, allowing for the launch of your next software platform or update even sooner. For non-tech-oriented organizations, tech partnerships can still speed up time to market by helping to identify and eliminate bottlenecks, improving collaboration between teams for a more efficient workflow, and accelerating the testing process. Getting to market faster allows organizations to quickly act on their innovative ideas, and begin collecting customer feedback to make further improvements.

Take the next step toward innovation

These examples are really just the tip of the iceberg in terms of how the right technology partners can spur innovation for a business. Of course, this requires that CIOs perform their due diligence when vetting potential partners. Ensuring your values and goals are aligned will allow greater collaboration so you can enjoy these and other benefits, making meaningful innovations to help customers and grow the business.