(Expansion) – The business sector is facing new challenges in a complex world that is changing at great speed. For an organization to be more competitive it is necessary to look outwards, that is, to be extroverted. By this I mean the search for strategic alliances with third parties that allow you to achieve a greater impact.
Some of these alliances have been known for several years as a partnership, joint venture or “joint venture”, which consist of an agreement between two or more companies in which they retain their business and legal autonomy and undertake to provide resources to carry out carry out a project. Thus, various benefits are shared. In the case of strategic alliances, a capital contribution is not required.
To get to this point it is necessary to have an extroverted vision, I mean to be willing to take risks and share this risk with others. Go out into the world and find the right partners to gain different advantages.
What are the benefits of making a strategic alliance? From my point of view and experience, there are several: it allows the organization to grow, compete inside and outside the country, offer an improved service to impact more people by reaching more markets, especially in a globalized world.
In my opinion, innovation is a necessity and creating strategic alliances helps to provide that added value or better products and services to the end user. In addition to that it is possible to offer more competitive prices.
However, choosing a partner to create an alliance with is the same as looking for a partner. It is necessary to evaluate and contemplate different issues knowing that they must share similar objectives, values and ideals and that there will be situations in which they do not coincide.
Among the most important things you should consider to define a strategic alliance are the following:
Scope of the objectives: Will the alliance help to achieve the established goals? Is an alliance the best solution? If it has already been taken into account that other alternatives are not viable, for example, going to suppliers or developing resources within the organization, then the alliance is a necessary tool.
Choosing the right partner: In this sense, it must be considered that there is compatibility of objectives on both sides. Also take into account that he or the associates have the necessary resources to carry out their role within the alliance and if they have the skills to do it correctly. Ask yourself if both parties are compatible in the way they work, if there is the capacity to cooperate with each other and the confidence to share information.
Have the necessary tools to turn ideas into reality: In certain projects it is necessary to establish a project management framework to start them up. In others, working groups will be created and even relationships will be forged at the government level, but the ultimate goal is to achieve what was proposed and make it a reality.
An example of these alliances is what the Project Management Institute (PMI), the world’s leading association in project management, does with the PMI 4.0 strategy, where organizations are offered to find elements for building alliances through:
– Expand your reach to external communities.
– Partner with other like-minded organizations in mutually beneficial programs for their respective members.
– Forge closer relationships with the B2B community to more effectively advocate for the project leadership profession.
– Work with agents of change throughout the business world and civil society to achieve social good.
Cemex is an example of how its strategic alliances have allowed them to meet the needs of the various scenarios in which they operate worldwide. By collaborating closely with alliances, partners and stakeholders, they secure their social license to operate and create shared value.
Five hundred associations and strategic alliances have allowed them to have a social impact throughout the world, thus proving to be a key success factor for multiplying their positive impact on society.
In a complex world, strategic alliances are necessary and beneficial for companies, so it is important to be extroverted, consider carrying them out and obtain great competitive advantages from them.
Editor’s note: Ricardo Triana is Managing Director of PMI in Latin America. Follow him on . The opinions published in this column belong exclusively to the author.