If companies are to take full advantage of growth opportunities, they must identify and acquire the right partners. There is no other way to create new products or magnify the depth of value creation on saturated markets, for instance. By choosing the right partners, companies strengthen their competitive position, share investment risks and expenses, and increase their customer reach, ideally to full-area coverage.
Partnering replaces the closed, in-house value creation chain with the strengths of a network. Future competition will no longer take place between individual companies, but between cross-company corporate alliances and virtual networks, so-called “smart business networks”. They are characterized by closely meshed business models among the players and make it possible to enter into business relationships quickly and flexibly; in the event the relationship proves to be of little value, it can be dissolved just as simply.
Successful partnering also presumes the build-up of new capabilities – at both the organizational and cultural levels.