How to Find the Right Technology Partner For Your Company

iStock_000060176154_Small-2.jpgOne of the biggest challenges a product development company encounters is a lack of in-house resources required to solve a problem. This can range from the obvious (product manufacturing) to the more specific needs (software error handling), but when a company doesn't have the needed staff, time, or resources to move forward, they need to find and select a strong technology partner.

Since outsourcing your engineering design work or other projects can seem a bit daunting, it is important to know what to look for in a technology partner. 

Consider The Skill Set

For certain projects, you may find that your department or organization simply does not have the skill set required to complete a particular task. That's not actually a negative, after all, since developing expert in-house capabilities for every type of problem can be impractical, time-consuming, and costly. The risk of project failure, or even the creation of a sub-standard solution that does not meet project goals, can have a devastating impact on a company's profitability or reputation.

Keep in mind that it is best to partner with a company with a complementary skill set or capabilities to those of your organization, rather than one with the same skill set.Your department or company is already an industry expert in what you produce. It is often not necessary and sometimes not advisable to find a partner who also works in your domain. The risk of bringing in such a potential competitor needs to be carefully considered and evaluated.

Rather, a partnering with a complementary skill set can help you fill in the gaps. Companies who offer services outside of your industry expertise will reduce or eliminate the competitive risk factors and allow open collaboration to create the best solution to any given problem or need. A partner who supports your goals through complimentary skills offers the best choice for success.

Do Your Research

When you are evaluating vendors as potential partners, there are certain areas that you should invest additional time into asking questions about or researching. The right partner for you will not only be able to get your products out on your schedule and budget, but will also have your best interests in mind the whole time, as well as offering up their expertise to ensure you execute a fundamentally sound and efficient product.

If you are specifically looking into a contract manufacturing partner, here are few items you should be sure to take note of: 

1) Years in business

2) Presence of senior staff

3) Clean and organized plant

4) Your IP is protected

When it comes down to it, the most important step to take when looking for a strong technology partner is actually speaking with potential partners. Understand their business, their areas of expertise, and how you can partner for both short and long-term success. 

To learn more about how Tecnova can bring technological expertise to your company, you can request a free consultation below.


Topics: Selecting a Vendor