As a senior product manager, Olatunji Kayode Obaoye has honed his skills in successfully balancing short-term wins and long-term strategy, realising the importance of this equilibrium in the world of product management.
The company’s goals are outlined in the product roadmap, a high-level strategic plan that acts as a compass and sets forth the product’s course. It offers a framework for the entire process of developing a product, from the first ideas to the final launch.
To strike the right balance between short-term wins and long-term strategy, Olatunji understands the significance of measurable metrics and milestones.
By incorporating specific metrics into the product roadmap, he ensures that progress can be tracked and evaluated effectively.
For example, he may set short-term milestones related to user acquisition, conversion rates, or feature delivery, allowing stakeholders to witness tangible advancements in the product’s development.
Short-term wins hold considerable value in product management, as they keep stakeholders engaged and motivated throughout the development process.
Olatunji recognizes that achieving short-term wins instils a sense of progress and demonstrates the forward momentum of the product development cycle.
By actively pursuing and celebrating these wins, he cultivates a positive environment and encourages continuous improvement within the product team.
However, Olatunji also acknowledges the critical role of long-term strategy in ensuring the product’s long-lasting success and relevance in the market.
While short-term wins provide immediate gratification, it is the long-term vision that propels the product towards sustained growth and market dominance.
By aligning the product roadmap with the company’s long-term objectives, Olatunji ensures that the product remains focused, adaptable, and capable of addressing evolving customer needs and market trends.
Credit: DesignRush
Here are some lessons from Olatunji Kayode Obaoye on how to navigate the product roadmap and balance short-term wins with long-term strategy:
Build a Comprehensive Product Roadmap
Building a comprehensive product roadmap is the next step. A good product roadmap must consider short-term goals while also keeping an eye on the long-term strategy.
Olatunji’s approach is to focus on the “North Star Metric,” which is a specific metric that the product team aims to achieve. This metric should align with the company’s long-term goals and act as a guide for the team’s roadmap.
In addition to the North Star Metric, Olatunji also suggests that product managers consider other factors when building a comprehensive product roadmap. These factors include identifying key features and functionalities, prioritising product enhancements, and estimating the timeline for development.
Prioritise and Focus
One of the most significant challenges for a product manager is prioritising features and enhancements. It’s important to focus on the features and enhancements that provide the most value to customers while also aligning with the company’s long-term goals. Olatunji’s approach is to prioritise features based on the “80/20 rule,” which means focusing on the features that will provide the most value to customers with minimal effort.
Collaborate and Communicate
Collaboration and communication are critical for successful product development. Olatunji stresses the importance of working closely with cross-functional teams, including engineering, design, and marketing. By collaborating, teams can ensure that everyone is aligned with the product vision and goals.
Olatunji also believes in regular communication with stakeholders, including executives and investors. Providing regular updates on the product roadmap’s progress, including successes and challenges, helps build trust and ensures everyone is on the same page.
Adapt to Changes
The product roadmap is not a static document and must be updated regularly. Olatunji’s approach is to be adaptable and make changes to the product roadmap based on new information. This includes market changes, customer feedback, and technological advancements.
Navigating the product roadmap is a complex task that requires a balance between short-term wins and long-term strategy. By understanding customers’ needs, building a comprehensive product roadmap, prioritising and focusing, collaborating and communicating, and adapting to changes, Olatunji has been able to achieve success in his role as a senior product manager at Africhange. His approach provides a guide for product managers looking to develop successful products while balancing short-term and long-term goals.
Starting a new company is an exciting but challenging venture. According to recent data, about 70% of startups fail within the first 20 months, often due to common mistakes that could have been avoided.
To help entrepreneurs avoid these pitfalls, we spoke with Wole Ogunlade, a startup growth expert.
Currently, Wole is the Director of Partnerships for a UK based global payment company that is processing $20m USD for merchants monthly. As lead of partnerships he oversees teams across UK, US, India and Africa.
He previously led growth at Metro Africa Xpress, a VC-funded mobility startup in Africa and at VoguePay a payment company that started from a humble beginning in 2012 but went on to cross $100m USD in processing and serves over 100,000 merchants in Africa, Europe, Asia, USA and Canada.
In his role at VoguePay, Wole was responsible for digital media and strategy where he oversees the growth strategy of the business.
Wole has had many interactions with startup founder over the course of his career. He has been able to mentor over 500 startups and founders through programs like Google LaunchPad, Tony Elumelu Foundation, Seedstars, ccHub and several other platforms where he has directly helped entrperenuers to launch their MVP, prepare for funding and expand their businesses.
As someone with a passion to contribute to the tech ecosystem, he has published over 50 articles on startup growth on his personal blogs and other high profile tech blogs in Africa.
He also mentored business leaders through series of events he had hosted in partnerships with HotelsNG, Tekedia Institute and ccHub with more than 5,000 people in attendance.
According to our business growth expert, below are key mistakes entrepreneurs must avoid;
1. Not validating the market
One of the biggest mistakes early-stage startups can make is failing to validate their market. It’s crucial to conduct market research, gather customer feedback, and test your assumptions before investing too much time and money into your business. If you do this right, this will ensure you know how to extract maximum revenue from the market you serve. For example, when Voguepay started, its core product was online payment processing for local businesses.
After realizing that there is a bigger opportunity serving global customers, VoguePay launched cryptocurrency payment in Nigeria and built a larger business on its international payment gateway which resulted to a much more profitable market.
2. Failing to develop a clear value proposition
Another mistake early-stage startups can make is failing to develop a clear value proposition that resonates with their target audience. Your value proposition should clearly explain how your product or service solves a problem or fulfills a need for your target audience.
For example, when PushCV launched in Nigeria, it had several competitors in the job listing market with Jobberman as the market leader.
To thrive in this market, it launched with a clear value proposition that positioned it as the largest pool of pre-screened candidates in Africa that connects best talents to top employers and recruiters.
This clear and concise value proposition has helped them become a household name in the HR/Job placement tech industry.
3. Neglecting to build a strong team
Building a strong team is crucial to the success of any startup. Most startups fail because they don’t have the right team.
The team is the backbone of any startup, and the wrong team composition or dynamics can hinder a company’s growth potential. A team that lacks the necessary skills or experience to execute on the company’s strategy might struggle to make progress, or might make costly mistakes.
Additionally, a team that doesn’t work well together or has poor communication can lead to a lack of alignment and focus, which can also hinder growth.
There are several examples of startups that failed due to this. In contrast, companies like Paystack and Flutterwave paint a picture of what can happen with a strong team that has a mix of experience and skills. The founders have a background in finance and technology, and have brought on team members with expertise in engineering, marketing, and business development.
4. Chasing Short-Term Gains
Startups can also fall into the trap of chasing short-term gains at the expense of long-term growth. In other to please the press, some founders prioritise vanity metrics that makes it appear that they are successful, but this could be misleading.
It is important to build a sustainable business model that will support long-term growth. This is more important because startups have limited access to funding, unlike in Western world.
5. Lack of Focus or Strategy
One more common mistakes that startups make is trying to do too much too soon. Startups that try to be everything to everyone often struggle to make meaningful progress in any particular area, as resources are spread too thin. A lack of differentiation can also make it harder for startups to stand out from competitors.
By defining a clear focus and strategy, startups can better allocate their resources and differentiate themselves in the market.
To conclude, Oluwole advises that startups that are struggling to grow and are unsure of what steps to take next need to take a step back and reassess their strategy and approach.
By understanding these mistakes and taking steps to avoid them, startups can position themselves for long-term success and growth.
Adeolu Adeyemo, in this article, shares insights on some important factors that beginners who to software development profession should consider and offers ways for overcoming roadblocks and improving oneself along the way.
As a newcomer navigating the wilderness of learning and development, you will encounter challenges.
Simply put, you need to prepare your mind upfront for the roadblocks that come with learning to code due to its technical-know-how.
Below you will learn some guiding principles that can be your watchword.
Understanding of Computer Science topics and concepts such as data structures, algorithms, code refactoring and choosing a core programming language such as Python, Java, C# is a must. It is crucial you have a firm grasp of these concepts for better software development practices.
Another challenges you would need to familiar with is the rapid changes in technologies and tools. Then, you need to keep learning with online resources and community engagement.
The importance of networking is an important factor to consider. By establishing quality networks, one may learn about opportunities that are unknown while remaining caught up with the latest developments in this field. A smart strategy to network with other individuals within the industry is to join a professional network or attend networking events.
As a newcomer, unclear and unpredictably volatile nature of this field is one of the nightmares you will face starting a career in software engineering. It’s important to have an optimistic mindset, remain tenacious, and resist giving up easily.
Periodically setting reasonable goals and focusing on gaining knowledge and improving oneself are two strategies for weathering challenging times. It’s extremely important to prioritize the tasks at hand and maintain efficiency. You can track your progress and gauge your success by setting goals.
In conclusion, despite the fact that starting a career in software engineering could prove challenging, it can also be extremely rewarding and offer many opportunities for development and promotion. By understanding the fundamentals of the field, staying current with the latest technologies, networking, and having a positive attitude and perseverance, you’ll be able to navigate the hard times and become a better version of yourself. Never give up, network, and constantly acquire knowledge.
About the writer:
Adeolu Adeyemo is an experienced IT Professional and Software developer with years of work experience in software development, system integration & implementation. Experienced writing Java, Kotlin, C#, Javascript, PHP, Swift and Dart.
As a Cloud Solutions Architect, I have had several privileges to collaborate with a variety of digital startups, assisting them in creating and implementing cloud architecture solutions that allow them profit and grow by leveraging the cloud’s many advantages. One example is a finance company for whom I developed a cloud architecture solution. For obvious reasons, I would like to keep them anonymous.
I have seen these same challenges replay over and over across budding startups, have had exec-level complaints (including board sessions), provided bespoke solution steps, and have had winning results consistently enough, to believe this blog would do a better job than face-to-face sessions have achieved. This is the story of a fintech startup that grew into a multi-national, conservatively speaking, with operations in over 17 countries across three continents, as I write.
Our engagement with the client was broadly split into business development and technical areas. The process was managed leveraging project management skills.
The Cloud Lever for Business Relationships (People)
We ensured a collaborative engagement that reached out to every person in the business – business and tech. That way, we built relationships across stakeholders in the business too, bringing an inclusive approach to the solution architecture (Look out for my collaborative solution architecture article soon).
A show and tell session created real-time collaboration between two outsourced teams: Cybersecurity and Legal/Compliance. Now the tech-dense in-house team could leverage cyber security early in the development process – an erstwhile GTM blocker. Check out shifting left in security.
Moreso, our DevOps principle of breaking silos came in handy quite early and we started harmonising teams and tools across business and technology teams. Literarily, there was a palpable change in the company’s culture. Over 90% of them have siloed work ethics learnt from working in traditional environments. There were no walls with DevOps principles in place!
CEO’s Feedback: You could feel it walking across the open office – our culture had changed as founders and staff enjoyed working together. I never knew implementing DevOps principles would change even the air we breathe… breaking silos.
I learnt that silos start early and grow if not handled – kill it! We recommended using more collaborative productivity solutions like Google Chat, Sheets, Drive and bought into that!
The Cloud Solutions Architect as a Business Development Agent
1. Funding
Before we started, the two founders were a bit nervous as they had no budget to meet forecasts for their payment gateway solution. It was a sigh of relief when we advised that these sessions were not to be paid for as long as they keep designing, building and scaling on us (cloud provider). Info you can use!
With consulting costs off the table, they opened up! They leveraged an exponential pool of funding programmes from cloud providers who provide seed, venture, and growth stage funding to startups. Google GV is an example etc.
2. Partnerships
We exposed the client to cloud opportunities which they still leverage up until date. One of those is their current Web3 solutions (DeFi) for financial institutions. They currently execute 9-figure deals therefrom… but it all started from seeing through an Architect’s eagle eyes.
3. The API Economy
The API economy is simply a controlled exchange of digital services and data between providers and consumers of APIs. It’s a microservices-led economy and communications between microservices (provider and consumer) are through application programming interfaces. This was a financial door opener for our client.
On getting to a technical review of their architecture our team broke down all initiatives, including the payment gateway and biometric KYC solutions, to microservices. We held several cloud business development sessions with the customer resulting in a government-policy led KYC deal and embedded KYC solution (targeted at FSI institutions) deal that transformed this startup to an enterprise worth billions of dollars. What were they doing? They were and are still selling payment gateways and identity solutions using Google Cloud ApiGee, multi-cloud marketplace API products, private offers etc.
The Architect as a Value Process Driver
Framework-driven delivery
Our transformation process was a business-driven architecture review of the current to target architecture required to achieve business goals, joint go-to-market, reliability, cybersecurity, compliance and privacy, API monetisation of data and services, app modernisation with microservice architecture implemented with DevOps, DevOps Research best practices (DORA) and SaaSification. The target architecture was built and scripted (IaC), and a project plan was drafted to achieve the target – milestone by milestone.
Feel free to use the 1-minute DORA devOps Quick Check to assess your company’s DevOps maturity level like they did! All these were at the beck and call of adopting cloud. Using DevOps principles we ensured everything was measurable, iterative and monitored. Let’s look at a tech summary.
The Architect: Using Technology as a Growth Tool
The client’s presentation of their business goals was critical to help everyone appreciate that the current tech ‘design’ (if we could call it that) was unsuitable for a multinational business.
We broke down the gaps into: operational efficiency (especially app modernisation: DevOps and MLOps), cybersecurity (Meet PSD2, PCI-DSS etc), cost optimisation and app modernisation; prioritised them into short (3 months), medium (6-12 months) and long-term goals to build a multi-million-dollar business today!
In the end we won! Please leverage these to win too! Reach out today. Join us on LinkedIn #techie
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About the author –
Uche Nwaukwa
Uche is a DevOps, SRE, and Senior Cloud Architect with 15+ years of experience having played strategic roles in global fintech, banks, ISVs, telecommunications, and OEMs including Microsoft, IBM, and Google. He has been privileged to advise execs and techies alike on architecture best practices in the financial services industry, dominantly. He has served as an Enterprise Architect and also, a CTO driving bespoke architectures to meet stringent SLOs and SLAs. Uche is an avid learner, a father, and a husband, and likes to relax with a good chess game and cycling.
(Agency News) A report credited to the Federal Mortgage Bank of Nigeria (FMBN) says the Integrated Personal Payroll Information System (IPPIS) failed to remit N26.6 billion of workers contributory funds in two years.
Mr Madu Hamman, Managing Director of FMBN, said this on Thursday in Abuja while appearing before the House of Representatives Ad hoc committee probing the non-remittance to the National Housing Fund (NHF) and Utilisation.
According to him, from October to December 2022 there were 40 per cent unremitted payments to FMBN resulting from revenue drive by the Federal Government and a total of N11.630 billion was involved.
“From January to December 2022, N11.587 billion was not remitted as backlog payments for MDAs from IPPIS, while N3. 356 billion was not remitted from April to July 2021 as outstanding failed payments for 2021 from IPPIS,” he said.
Hamman explained that some NHF payments meant to be paid to FMBN as housing contributions had been wrongly made into the Federal Government Loan and Scholarships Board, adding that 14 MDAs were affected by the wrong payments.
He said all contributors were eligible for a full refund of their contribution over the years including accrued interest of 2 per cent upon retirement.
Others, he said, were by attainment of 60 years or inability to continue due to incapacitation or death, adding that FMBN had refunded N66.678 billion to 444,637 beneficiaries.
Speaking on projects executed through various means, Hamman said, FMBN ensured it gave loans to register members of the association of developers.
He said that FMBN also had the regular primary mortgage bank from interested individuals where it disbursed N139.6 billion to 24,332 beneficiaries.
On the ministerial pilot scheme, he said the Federal Ministry of Works and Housing provided land for those on the scheme and it had spent N38 billion to build 5,443 units of housing.
Reacting to the allegations, Mr Ekwem Dem, Deputy Director, IPPIS in the Office of the Accountant General said, ” On our own part, we are just hearing some of these allegations.”
He said, for Instance, the ‘no work no pay’ for members of ASUU remittances was still hanging, adding that there was a need for a reconciliation window, “so we can see the area of convergence”.
Rep. Dachung Bagos, the Chairman of the Committee, said it would go on oversight of some of the projects claimed to have been executed by FMBN and where they were located.
“We are going to do some random checks to see the utilisation of this work, we are going to oversight all these projects.
“We need to know why the Nigerian civil servants are not given what is due to them, even if we have to go with a tricycle; we will go.
“Some of us are engineers. We are going to receive some of these things, we must get value for our naira and Nigerians must get value for their money,” the chairman said.
The News Agency of Nigeria (NAN) reports that on Wednesday, the Nigeria Labour Congress (NLC) threatened to pull out civil servants from the NHF contributory funds over the non-remittance of deductions made.
President of NLC, Joe Ajaero, made the threat while appearing before the House of Representatives Ad hoc Committee on Non-Remittance to the NHF and Utilisation of the Funds from 2011 till Date.
According to Ajaero FBN had refused to send alerts of how much civil servants have contributed including their monthly deductions.
He urged the lawmakers to take drastic steps to remove the encumbrances to affordable and quality housing to millions of Nigerians especially workers who make the most contributions to the NHF.
This according to him is as identified in the memorandum and other memoranda submitted to the committee.
He said that the immediate past Managing Director of FMBN, Mr Ahmed Dangiwa, who is now the Minister of Housing and Urban Development said he left behind N120 billion in the coffers of the bank.
Recall that in October 2022, the Academic Staff Union of Universities (ASUU) again rejected the continuous use of the Integrated Personnel Payroll Information System (IPPIS) for the payment of university lecturers’ entitlements.
The government had, in granting concessions to ASUU, said it would work with the union to modify IPPIS to recognise the peculiarities of universities and the features of the lecturer’s preferred platform of payment – the University Transparency and Accountability Solution (UTAS).
Unlocking expansion prospects and exploring new markets is critical for every organisation’s long-term success and sustainability in today’s highly competitive business world. Business development’s importance in this process cannot be overemphasised
By discovering and pursuing new markets strategically, OluwaKorede Titilayo Akinsanmi, a business transformation and technology strategist, has demonstrated exceptional leadership and expertise in unlocking growth opportunities through business development. Her accomplishments highlight the effectiveness of strategic and innovative thinking in driving organisational growth.
Collaborating with strategic partners can facilitate entry into new markets. By leveraging the expertise, resources, and customer base of partners, businesses can gain a competitive edge and accelerate market penetration. Strategic partnerships may involve joint ventures, licensing agreements, or distribution partnerships, depending on the specific market and industry dynamics.
Adapting existing products or developing new offerings tailored to the needs of the target market is crucial for success. By understanding the unique challenges, cultural nuances, and preferences of customers in new markets, businesses can create differentiated solutions that resonate with the target audience. This involves customising features, adjusting pricing models, or even repositioning the brand to align with local market expectations.
Flexibility and adaptability are key when entering new markets, Rather than adopting a one-size-fits-all approach, organisations can consider agile market entry strategies. These strategies involve testing the market with a minimal viable product, gathering customer feedback, and iteratively refining the offering based on real-time insights. This iterative approach enables businesses to rapidly adjust their strategies and offerings to meet evolving market demands.
Business growth is a continual process that necessitates continuing learning and progress. It is critical to be informed about market dynamics, industry trends, and upcoming technologies that may have an influence on the target markets. Professionals in business development should actively seek feedback, review outcomes, and implement lessons learnt into future efforts.
Titilayo Akinsanmi led the Revenue Assurance team at American Tower, where she identified inefficiencies in the billing process. Her team’s efforts resulted in the recovery of over $2 million in potential lost revenue.
By meticulously analysing the billing system, she not only improved financial performance but also contributed to the overall growth of the organisation.
Titilayo Akinsanmi successfully managed the migration of the Bilamipaka platform used by the field operations team at a significant cost reduction.
She saved the organisation $20,000 in annual expenses. This exemplifies her ability to leverage technology and streamline processes to drive efficiency and allocate resources towards growth initiatives.
Unlocking growth opportunities through business development is a critical aspect of strategic leadership. By exploring new markets, organisations can diversify their revenue streams, gain a competitive advantage, and ensure long-term success. Through thorough market research, strategic partnerships, innovative product development, agile market entry strategies, and continuous learning, businesses can effectively identify and capitalise on growth opportunities.
The achievements of Korede Titilayo Akinsanmi highlight the importance of strategic thinking and expertise in unlocking growth potential and driving organisational success.
I’ve gathered years of experience leading business development for companies, especially in the tech ecosystem. One recurring theme that continues to show up in the process of leading this process is market research. I hold a very strong opinion on the importance of doing market research while trying to clinch partnerships and new business for the company you work for. I’ve decided to pen my thoughts down so you see them too.
Market research is a crucial aspect of business development as it provides valuable insights into customer behavior, preferences, and market trends. By conducting market research, companies can make informed decisions about their products, services, and overall business strategy, helping to increase their chances of success.
One of the main benefits of market research is that it helps companies understand their target audience. This includes identifying the demographics of their customers, such as age, income, and education level. With this information, companies can tailor their offerings to meet the specific needs and preferences of their target audience. For example, a company that sells sports equipment may conduct market research to determine that the majority of its customers are young, active individuals. Based on this information, they can then develop new products and marketing strategies that appeal to this group.
Market research also provides valuable information about the competitive landscape. Companies can learn about their competitors’ strengths and weaknesses, as well as any trends or changes in the market.
This information can be used to differentiate their products and services from those of their competitors and to find new opportunities for growth.
Moreover, market research helps companies identify and anticipate market trends. This can include changes in consumer behavior, technological advancements, and economic conditions. By staying ahead of these trends, companies can adjust their business strategies accordingly, positioning themselves for continued success. For example, a company that sells products online may conduct market research to determine that more and more consumers are using mobile devices to make purchases.
Based on this information, the company can optimize its website for mobile users, improving the customer experience and increasing sales.
Another benefit of market research is that it can help companies make informed decisions about product development and innovation.
Companies can use market research to identify customer needs and preferences, as well as to assess the potential success of new product ideas. This can help to minimize the risk of introducing a product that is not well-received by the market.
Additionally, market research can provide insights into new technologies or trends that may impact the company’s products or services, allowing them to stay ahead of the competition.
In addition to providing valuable insights, market research can also help companies save time and resources. By conducting research before launching a new product or service, companies can avoid the costs associated with developing and marketing a product that may not be well-received by the market.
Furthermore, market research can help companies to identify areas for improvement in their existing products and services, allowing them to make necessary changes before customer satisfaction decreases.
Finally, market research is an essential tool for measuring the success of a company’s marketing efforts. Companies can use market research to track customer satisfaction, brand awareness, and market share, allowing them to make informed decisions about future marketing and advertising efforts.
In conclusion, market research is a critical component of business development as it provides valuable insights into customer behavior, market trends, and the competitive landscape.
By conducting market research, companies can make informed decisions about their products, services, and overall business strategy, helping to increase their chances of success. Companies that neglect market research risk making decisions based on assumptions, which can lead to costly mistakes and missed opportunities. Therefore, it is essential for companies of all sizes to invest in market research to ensure continued success and growth.
About the guest writer:
Emmanuel Akinyemi is skilled at analyzing market trends, identifying potential partners, negotiating deals, and building long-term relationships with key stakeholders.
He is an astute business developer and partnerships manager; an experienced professional with a track record of success in identifying, cultivating, and nurturing strategic partnerships that help drive business growth.
Congratulations to a quintessential Saleswoman – Mrs Rita Ndidi Amuchienwa – who has joined Intel Corporation as the Country Account Executive, West Africa.
She assumed office in December 2020.
Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, in Silicon Valley.
The Company is the world’s largest and highest-valued semiconductor chip manufacturer on the basis of revenue, and is the developer of the x86 series of microprocessors, the processors found in most personal computers (PCs).
Intel is notable for creating world-changing technology that enriches the lives of every person on earth even as they inspire to drive innovation that makes the world safer, builds healthy and vibrant communities, and increases productivity.
In a brief chat with TechEconomy.ng, she said that ICT is a very notable profession, advising every young woman in the society to embrace it.
“There’s hardly anything you can do today without having the knowledge of ICT: most especially with the reality of the global Covid-19 pandemic, one have to stay guarded and updated with the happenings around you and around your neighbourhood. ICT is an institution every young child should pay attention to from the scratch.
“Every child’s development on ICT should start from kindergarten. Is a journey that leads to life time success.
Prior to joining Intel Corporation, Amuchienwa worked at Schneider Electric as the Channel Sales Director/Business Strategy Leader for Secure Power unit, West Africa.
She has garnered enough experience working at Oracle as the Senior Channel Sales & Alliance Manager for West Africa; Motorola Solutions – Channel Country Manager / Regional Sales for west Africa; Hewlett Packard (HP), Country Channel Manager for Supplies, Imaging & Printing Solution for West Africa; Lenovo, Channel Sales Manager for West Africa.
She actually started her career journey at the Technology Distributions Ltd as the Branch Manager / Product Manager / Business Development Manager – Nigeria.
We really wish her the best in this journey with Intel West Africa; because Mrs. Amuchienwa has established herself as a goal-getter and an outstanding Saleswoman.
LexChain is a Blockchain-based Startup for data (document) verification and decentralised storage that leverages and solve the problems of the health, education and Land GIS sector, is seeking to raise $200,000 to scale-up.
The startup is among the 10 startups sponsored by the National Information Technology Development Agency (NITDA) to the 40th Gulf Information Technology Exhibition (GITEX) in Dubai, United Arab Emirates.
LexChain is one of the Startups nurtured by Kaduna-based Lexighton Hub (Technologies).
The integrated ICT Base firm provides top-notch solutions to citizens, government and businesses.
The Hub is an abode for the convergence of technology, innovations, entrepreneurship, creativity and arts towards building an IT oriented Society.
Speaking to TechEconomy.ng at GITEX 2020, the CEO, Lexington Hub, Dauda Hunkuyi, said that since establishment in 2018, the firm has achieved some milestones with solutions that address issues in critical sectors of the economy.
The currently have about ten solutions that are tailor-made to offer services in five sectors cutting across education, governance, health, land administration and communication.
In a chat with TechEconomy.ng, Hunkuyi said, “We have a solution for the Nigerian Academy Intelligence System; the plagiarism checker.
“There is another solution for the Nigerian Academic Research Repository. We are currently in partnership with the Abubakar Tafawa Balewa University which uses the repository system within the University community. The Federal Government has started investing in the idea.
“We also developed a healthcare solution which is also receiving investment worth N200million from the Federal Government of Nigeria.
“Furthermore, we have two other systems that we currently want to showcase to the global market.
“LexChain is one of our solutions that we are hoping to collaborate with some regulatory bodies in the Nigerian education sector such as the National Universities Commission (NUC); the National Board for Technical Education (NBTE), and others. The aim is basically to solve forgery related issues in the university system.
“We are also talking to the Federal Civil Service Commission and the respective States’ Civil Service Commissions including States’ geographical agencies; they will benefit immensely from this Blockchain Technology.
The Co-Founder and Chief Technical Officer of LexChain, Abubakar Nur Khalil, disclosed to TechEconomy.ng that they are hoping to raise additional $200,000 as they launch to scale-up the platform and operations
Why LexChain?
“It is a common knowledge that fraud and forgery is a global issue. There are lots of problems individual face with regards land procurement, registration and documentation.
“In certain cases, officials collude with individuals to perpetuate forgery and make fraud go undetected, even to the detriment of the government; a lot of revenues are lost.
“So, our system – LexiChain, a blockchain technology, combats fraud and forgery. It enables simplified and secured verification and transfer of digital assets such as land titles, school certificates, etc.
“We started working on this platform in 2019. We carried out the Beta-testing by the end of that year. This year we had to scale up and currently have partnerships with some organisations.
“So, due to reviews and demands, we made some few changes and today we are proud of this platform.
“We are seeking more partnerships and funding to raise funds to be able to scale-up the infrastructure.
“We built the system to be as flexible as possible because the used-case for fraud are quite ranging. For that reason, we didn’t want to make the platform to be sector-specific; we have an open system to be able to integrate solutions in future.
“We are looking at raising $200,000 for 8.5% equity investment in the company”, he said.
Ecobank Nigeria has reacted to the Central Bank of Nigeria (CBN’s) amendment of procedures for beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs).
The CBN recently stated that beneficiaries of remittances can now receive their transfers in dollars or opt to have the funds paid directly into their domiciliary accounts.
In its reaction, the bank assured its customers that efforts would be made to enable them to have their remittances in dollars done seamlessly.
The Managing Director of Ecobank Nigeria, Patrick Akinwuntan, who disclosed this in Lagos state said the lender was taking steps to see to the immediate implementation of the policy.
Akinwuntan also urged Nigerians to open the Ecobank domiciliary account or reactivate their inactive ones with the bank in order to take advantage of the policy.
According to him, “We are leaving no stone unturned to ensure that our customers instantly receive their transfers as cash (USD) or transfers into their domiciliary accounts.
“Our customers have the flexibility to choose the mode of receipt that suits them. It is strictly on their terms.”
Also speaking about the money transfer platform, he said: “Our proprietary money transfer platform, Rapidtransfer, available on the App Store and Play Store, makes it possible for Nigerians abroad to remit home instantly at very affordable charges.
“We have also just launched a new version, Rapidtransfer International, specifically for Nigerians living in Europe. The functionality of both apps is being enhanced to meet this new requirement.”
To deliver maximum value to its customers, he added that it was collaborating with other remittance partners (Western Union, MoneyGram, Ria, Small World etc.) on this new development.
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Lightning-Fast Incident Response Minimizes Attack Damage and Reduces Recovery Time
Sophos Rapid Response Identifies First Use of Buer Malware Dropper to Deliver Ransomware in New Wave of Ryuk Attacks
Sophos, a global leader in next-generation cybersecurity, today announced the availability of Sophos Rapid Response, an industry-first, fixed-fee remote incident response service that identifies and neutralizes active cybersecurity attacks throughout its entire 45-day term of engagement.
Sophos Rapid Response provides organizations with a dedicated 24/7 team of incident responders, threat hunters and threat analysts to quickly stop advanced attacks and remove adversaries from their networks, minimizing damage and costs, and reducing recovery time.
Sophos Rapid Response has identified the first known use of the Buer malware dropper to deliver ransomware. In new research published today from Sophos Rapid Response and SophosLabs, “Hacks for sale: Inside the Buer Loader Malware-as-a-Service,” Sophos details how Buer compromises Windows PCs, and enables attackers to deliver a payload. Sophos Rapid Response made the discovery while mitigating a recent Ryuk ransomware attack, which was detected and stopped as part of a wave of Ryuk attacks using new tools, techniques and procedures. In this incident, the relentless attackers used a new variant of Buer in an attempt to launch Ryuk ransomware, before expanding their efforts to mix the use of Buer with other types of loader malware.
“When you’re hit with an attack, time is of the essence. Every minute between initial compromise and neutralization counts as adversaries race through the attack lifecycle,” said Sophos’ Chief Technology Officer, Joe Levy. “Advanced attacks can quickly halt business operations, and IT managers who have experienced ransomware firsthand know this all too well, reporting the need to spend proportionately more time on incident response and less time on threat prevention than those who haven’t been hit. Sophos Rapid Response disrupts active attacks, eliminating the complex and time consuming process of stopping determined attackers, so organizations can get back to their normal operations faster.”
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Sophos Rapid Response neutralizes a wide range of security incidents, including ransomware, network breaches, hands-on keyboard adversaries, and more. The Sophos Rapid Response team can be onboarded and activated within hours, and the majority of attacks triaged within 48 hours.
“This year, devastating ransomware attacks have unfortunately been a gold rush for cybercriminals, and it’s unlike anything the cybersecurity industry has ever experienced. Nearly 85% of the attacks that Sophos Rapid Response has been involved in thus far included ransomware – notably Ryuk, REvil and Maze – and I can say with confidence that most of the other attacks that we were called in to stop would have also resulted in ransomware had we not acted so quickly,” said the Incident Response Manager at Sophos, Peter Mackenzie.
“Readily accessible tools make it possible for attackers to net bigger pay-outs in one week’s worth of work than most people will make in their lifetime. Criminals infiltrate networks and stealthily plan their attacks in the background, before strategically launching ransomware as the final payload – often during the overnight hours when no one is watching in order to execute on as many machines as possible. Sophos Rapid Response takes immediate action to extinguish the fire, which in the case of a hospital that we helped this month after it was hit by Ryuk ransomware and forced to shut down, meant the difference of life or death,” Mackenzie, added.
Sophos Rapid Response is part of Sophos Managed Threat Response (MTR), a global team that provides proactive, fully-managed threat hunting, detection and response services. As one of the industry’s most widely used managed detection and response (MDR) services with more than 1,400 customers, Sophos MTR stands apart with its ability to proactively take action on an organization’s behalf to mitigate threats in real time.
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Once immediate threats are neutralized during a Rapid Response engagement, the Sophos Rapid Response program shifts to continuous monitoring with around-the-clock proactive threat hunting, investigation, detection, and response from the Sophos MTR team. A threat investigation report details discoveries made, actions taken and other remediation recommendations, helping organizations understand attack origination as well as what assets were compromised, and data accessed and exfiltrated.
Sophos Rapid Response is available now to both existing and non-Sophos customers. Unlike traditional incident response and forensic services that require complex and protracted deployments with hourly pricing structures, Sophos Rapid Response is a remote offering with a fixed pricing model based on an organization’s number of users and servers. Sophos Rapid Response is also structured to accommodate businesses of all sizes, including smaller organizations, which until now have not been able to easily leverage a service such as this without requiring a retainer.
What analysts and channel partners say: “Cyberattacks are getting worse and more sophisticated. As we’ve seen this year, no one is off limits, even in a time of crisis. Organizations need to ready themselves as more than 85 percent of security professional survey respondents typically tell IDC that they have experienced at least one security breach in the past two years that involved the spending of significant extra resources to rectify,” said the Program Vice President at IDC, Frank Dickson. “Sophos Rapid Response is an offering that no one wants until they need it. Many organizations are simply either not prepared to fight an active attack or want to respond more quickly and aggressively than internal resources alone allow. With predictable, fixed-fee pricing and the ability for same-day activation, Sophos Rapid Response provides certainty when customers want it most.”
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“A charitable organization providing housing and support services to thousands of vulnerable adults was hit by ransomware, taking down operations at all of its more than 40 facilities. The organization called us for help, and we immediately deployed Sophos Rapid Response. Working together with Sophos Rapid Response, we were able to get them back up and running quickly so they could continue serving those in need,” said Steve Weeks, president at Netcetera. “Netcetera clients already running Sophos’ next-generation security suite are well protected, and we haven’t seen a ransomware incident in our managed client base in many years. When we get a call for help from new clients, however, I’ll always bring in Sophos Rapid Response. The highly responsive team is rock solid in its ability to work with us and get compromised organizations out of the danger zone, and ultimately, help us to close new business opportunities.”
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“Sophos Rapid Response perfectly complements our existing in-house incident response services, advancing our ability to provide proactive preparedness plans and immediate support in worst-case scenarios. We’re not just selling a transactional service – with Sophos Rapid Response, we’re fixing long-term problems and preventing them from happening again,” said Jeremy Weiss, cybersecurity practice lead at CDW. “I’ve seen firsthand how the Sophos Rapid Response team is able to cut through all of the noise to quickly remediate security incidents within hours, and the feedback from customers has been nothing but exceptional. Sophos Rapid Response is an instrumental offering that elevates our customers’ security posture to the next level.”
Emmanuel Akinyemi is not your average business developer. With over six years of experience in the Nigerian market, Emmanuel has a unique approach to driving growth and profitability for his clients. He is known for his unorthodox methods, infectious energy, and willingness to take risks that others are too afraid to take.
We’ve decided to take an unconventional approach to this interview. We’ll be delving into Emmanuel’s quirky perspective on business development in Nigeria and his approach to navigating the local market. Let’s take a dig into it, shall we?
TE: You’re known for your unconventional approach to business development. How do you define success in your line of work?
Emmanuel Akinyemi (EA): Success, to me, is all about impact. It’s not just about closing deals or increasing profits, although those are important metrics of course. It’s about making a meaningful difference in the lives of the people and communities I work with. Whether it’s helping a small business grow, creating new jobs, or contributing to the economic development of the country, if I can leave a positive impact, I consider that a success.
TE: Your approach to business development seems to be heavily influenced by your passion for adventure. How does that play out in your work?
EA: Absolutely! To me, business development is like a treasure hunt. I love discovering new opportunities, building relationships, and navigating uncharted territory. Every project is a new challenge and an opportunity to make a real impact. It’s not just about the end result, it’s about the journey and the people I meet along the way.
TE: How do you stay inspired and motivated in your work?
EA: I surround myself with people who are passionate about what they do. Whether it’s my colleagues, clients, or partners, I find that being around positive, driven individuals keeps me inspired and motivated. I also make sure to take time for myself, whether it’s traveling to new places, trying new hobbies, or just taking a walk in nature. It’s important to have a balance and not get too caught up in work.
TE: You’ve mentioned that you believe in the power of collaboration and partnerships in business development. Can you tell us more about that?
EA: Absolutely. In my experience, the best results come from working together with clients and partners. By collaborating, we can combine our strengths, pool our resources, and create solutions that are more impactful than what we could achieve alone. Plus, it’s just more fun! Working together with others towards a common goal is a great feeling.
TE: If you could go back in time and give yourself one piece of advice when you first started your career in business development, what would it be?
EA: Don’t be afraid to take risks. When I first started in this industry, I was very focused on playing it safe and sticking to tried-and-true methods. But over time, I realized that the biggest opportunities and most meaningful impact come from taking risks and stepping outside of your comfort zone.
TE: What advice do you have for aspiring business developers in Nigeria?
EA: Embrace the adventure! Business development is all about discovering new opportunities and exploring uncharted territory. Stay positive, never stop learning, and don’t be afraid to take risks. And most importantly, have fun! If you’re not enjoying what you’re doing, it’s not worth it.
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Emmanuel Akinyemi is a true inspiration for anyone looking to make a difference in business development. His passion for adventure, his belief in the power of collaboration, and his unwavering commitment to making a positive impact set him apart from the rest. With his energy and creativity, he is making a real difference in the Nigerian business landscape and beyond.
Sales Enablement, a term in modern business, refers to the strategic alignment of resources, tools, and training to empower sales teams for optimal performance. In the technology sector, where change is not just constant but exponential, the role of sales enablement has become a pivotal force for organizations striving to thrive in the face of rapid advancements and shifting market dynamics.
Simply put, sales enablement is the iterative process of providing your business’s sales team with the resources they need to close more deals.
As we deep dive into the intricacies of Sales Enablement in the tech realm, this article explores how this multifaceted approach goes beyond conventional sales strategies.
It is a dynamic force that equips sales teams with the adaptive prowess required to navigate the complexities of emerging technologies, respond to market trends with agility, and meet the ever-heightening expectations of a tech-savvy customer base.
From the integration of essential tools to fostering a culture of continuous learning, Sales Enablement stands as a guiding force, illuminating the path through the labyrinth of the technology-driven marketplace.
Let us explore its significance and delve into the best practices that pave the way for success in the fast-paced world of tech sales.
The Evolution of Sales Enablement in Tech
Sales enablement is no longer a mere buzzword; it has become a strategic imperative for technology companies seeking a competitive edge.
The tech sector is characterized by constant innovation, disruptive technologies, and shifting customer preferences.
Sales enablement, in this context, goes beyond traditional sales training. It encompasses a holistic approach that aligns sales, marketing, and product teams to ensure a seamless and effective go-to-market strategy.
In the tech industry, where product life cycles are short and customer demands are
ever-evolving, the role of sales enablement becomes even more critical. It acts as a catalyst for organizational agility, providing teams with the knowledge and tools to quickly adapt to new technologies and market trends.
Empowering Teams with Tools and Technology
Sales enablement in the tech sector begins with arming teams with the right tools and technology. This involves leveraging innovative sales technologies, customer relationship management (CRM) systems, and data analytics to enhance sales effectiveness.
AI-powered tools, for instance, can provide valuable insights into customer behaviour, helping sales teams tailor their approaches and offerings to meet specific needs.
Moreover, sales enablement platforms play a pivotal role in streamlining communication and collaboration across different teams.
These platforms serve as centralized hubs for content, training materials, and real-time updates, ensuring that everyone is on the same page and equipped to address customer needs effectively.
Continuous Training for Adaptability
In a rapidly changing tech environment, knowledge is power. Sales enablement involves providing continuous training to teams, ensuring they stay abreast of the latest technologies, market trends, and competitive landscapes.
This training goes beyond product knowledge and includes developing skills such as effective communication, strategic thinking, and problem-solving.
Technology companies must invest in regular training sessions, workshops, and online learning platforms to keep their sales teams ahead of the curve.
By fostering a culture of continuous learning, organizations empower their teams to proactively respond to industry shifts and customer expectations.
Alignment of Sales, Marketing, and Product Teams
The synergy between sales, marketing, and product teams is paramount in the tech sector. Sales enablement serves as the connector that aligns these functions, ensuring a cohesive and customer-centric approach.
Regular communication and collaboration between these teams are facilitated by sales enablement platforms, breaking down silos and fostering a shared understanding of customer needs.
Additionally, sales enablement involves the development of targeted content that resonates with the buyer’s journey.
Whether it’s a product launch, a new feature, or a strategic partnership, sales teams need well-crafted collateral that communicates value and addresses customer pain points. This alignment ensures a unified front, enhancing the overall customer experience.
Adapting to Customer Expectations
In the tech sector, customer expectations are as dynamic as the technology itself. Sales enablement plays a crucial role in helping teams understand and adapt to these evolving expectations.
By leveraging customer data, feedback, and market insights, sales teams can tailor their approaches to meet the unique needs of individual clients.
Moreover, sales enablement involves cultivating a customer-centric mindset within the organization.
This includes empathy training, active listening skills, and the ability to provide personalized solutions.
As customers become more sophisticated and discerning, sales teams must go beyond traditional selling and focus on building long-term, value-driven relationships.
In conclusion, sales enablement is the cornerstone of success for sales teams operating in the rapidly changing tech environment.
By providing the right tools, continuous training, and fostering alignment among sales, marketing, and product teams, organizations can position themselves for success in the face of technological disruption.
As the tech industry continues to evolve, sales enablement will be instrumental in shaping the narrative of innovation, customer satisfaction, and sustainable growth.
Companies that invest in robust sales enablement strategies are not only future-proofing their sales teams but also establishing themselves as leaders in a landscape defined by constant change and opportunity.
As the entire globe witnesses’ digital transformation, the post of Chief Technological Officer (CTO) assumes a critical role in promoting innovation and ensuring the effective implementation and operations of enterprise solutions. To consistently build scalale and reliable solutions for businesses and customers is a prerequisite for being a top CTO.
You would also need to be skilled in enterprise programming languages and have experience leading diverse teams to success.
In Nigeria, there are many competent CTOs pushing innovation in a variety of industries. Only top CTOs who have had a significant impact on the information technology industry and who have surpassed that to change lives will be highlighted in this article.
1. Musty Mustapha:
Mustapha is a business leader in information technology who is dedicated to using his knowledge of the field to better both the society and businesses.
Musty Mustapha earned a First Class Honours degree in Computer Science from the University of Ilorin.
He currently holds the positions of Co-Founder and CTO of Kuda. A digitalized Microfinance institution that takes pride in being an African money app. Before joining Kuda, Musty was a seasoned software engineer who had previously worked at Stanbic IBTC.
2. Mohammed Rufai:
Rufai joined MTN Nigeria in 2002 as an RF/BTS Support Engineer in Kano, and he has a meteoric promotion where he passed through the ranks and was promoted to the General Manager level in the year 2009.
By 2015, he was appointed as Chief Technical Officer for MTN Ghana, a position he earned due to the enviable achievements of the Network Operations team he managed.
He was later transferred back to Nigeria Office in May 2019 to lead the strategy for technology plan as Chief Technical Officer (CTO) of MTN Nigeria, a leading telecommunication group in Nigeria.
Rufai has over 20 years of expertise in telecom & IT industries and he currently work as CTO MTN Nigeria, the position he held since 2019.
He received a degree in technology from Abubakar Tafawa Balewa University (ATBU), Kano.
3. Oyewale Oyepeju:
Oyewale is a CTO who enjoys pioneering new projects. He has held positions as an implementation consultant at Swifta Systems and a software developer for Sidmach Technologies.
He currently works as Co-Founder & CTO for Vendease, a food supply marketplace utilized by hotels and restaurants and supported by Y-Combinator (YC W21).
Likewise, he is also a graduate of Computer Science from Olabisi Onabanjo University.
4. Oluwasegun Saromi:
Oluwasegun Saromi started out as a full-stack software developer in 2007. He then worked his way up to become a manager of software engineering, where he managed the development of one of Africa’s biggest and most successful student educational platforms.
Several innovative and cutting-edge software programs have been developed and scaled globally under his direction and supervision.
Data analytics and digital innovation are two things that Oluwasegun Saromi is extremely enthusiastic about, and he has leveraged these two things to drive innovation in the banking and fintech sectors.
Segun Saromi is presently a Senior Manager, Technical Delivery, Engineering, and Product at Andela. He formerly taught product management at Utiva Global Talent Accelerator.
Mr. Saromi graduated from Arden University with a master’s degree in information technology security management.
5. Opeyemi Ajiboye
Opeyemi has more than sixteen years of experience and a combined skill set in technological communications, business operations, and infrastructure.
Opeyemi formerly served as Tizeti Networks Limited’s chief technology officer. He was the first Chief Executive Officer (CEO) of ipNX Nigeria’s Infrastructure Division when he joined the company.
Mr. Ajiboye is currently a Managing Partner with Dunatos Technology as of the time of writing.Opeyemi earned a degree in Electrical Electronics from Unilorin.
Technology partnerships are meant to facilitate the integration of technological systems that ultimately help to move a business forward—closer to its goals.
That is, partnerships can play a vital role as pivotal forces driving growth and competitiveness.
By forging alliances with like-minded organizations, companies can harness complementary strengths, pool resources, and unlock new opportunities that would be challenging to achieve independently.
This article explores the role of strategic partnerships in the technology sector, exploring their benefits, challenges, and key considerations for forming successful alliances. We introduce the 4 C’s framework—Complementarities, Congruence of goals, Compatibility of organizations, and Change—to provide a structured approach to navigating the complexities of tech alliances.
The Essence of Strategic Partnerships in Technology
Technology partnerships are more than contractual agreements; they are enablers of progress, facilitating the integration of technological systems that propel businesses towards their goals.
As the pace of technological advancement accelerates, companies increasingly realize that collaboration is not just an option but a strategic imperative. Successful tech alliances go beyond transactional benefits, fostering innovation, knowledge exchange, and a collective response to market challenges.
The 4 C’s Framework:
1. Complementarities
At the crux of any collaborative relationship is the notion that each party brings important resources and capabilities to the table. As such, the first step is to engage in a broad search for possible partners that have essential resources.
A common mistake that firms make is to only look locally (e.g., within a given region) or through existing business relationships. In doing so, they may miss critical opportunities. Organizations must identify partners whose strengths complement their own weaknesses.
This extends beyond technology capabilities to encompass skills, market presence, and domain expertise.
A thoughtful analysis of complementarities ensures that the alliance creates a symbiotic relationship, where each partner enhances the other’s capabilities.
2. Congruence of Goals
Aligning goals is fundamental to the success of any partnership. Do the potential partners have common goals for the venture?
Tech alliances thrive when the involved parties share a common vision and strategic objectives. Whether the goal is to accelerate product development, enter new markets, or enhance customer experience, congruence ensures that every effort is directed towards a unified purpose.
Establishing clear, measurable objectives at the outset provides a roadmap for collaboration and facilitates ongoing evaluation of the partnership’s effectiveness.
3. Compatibility of Organizations
Once it is clear that a potential partner has complementary resources and goals are congruent, one might think that the deal is done.
However, even two very willing partners might find it challenging to work together in the face of organizational or cultural incompatibilities. Who is responsible for making decisions?
Is there a company (or country) specific language that leads to misunderstandings as they try to work together?
Beyond technical compatibility, the cultural and organizational fit between partners is crucial. Divergent corporate cultures and values can impede collaboration and lead to misunderstandings.
Successful alliances prioritize compatibility by fostering open communication, understanding each other’s working styles, and ensuring that shared values underpin the partnership.
A shared commitment to ethical business practices, innovation, and customer-centricity builds a strong foundation for collaboration.
4. Change Over Time
The technology landscape is dynamic, and alliances must evolve to remain effective. Anticipating and embracing change is a key tenet of successful partnerships.
Organizations need to be agile, adapting to market shifts, technological advancements, and evolving business landscapes.
A commitment to continuous improvement and flexibility ensures that the alliance remains relevant and resilient over time.
Strategic Partnership as Consultative Leadership
To elevate the concept of strategic partnerships, technology vendors must transcend the traditional role and position themselves as strategic advisers.
Beyond providing products or services, successful partners prioritize adding value through data-driven insights, transparency, and, most importantly, education. By actively engaging with clients, understanding their challenges, and offering tailored solutions, technology vendors become trusted advisers, fostering long-term relationships built on mutual success.
Relationship-Building in Tech Alliances
Building strong relationships in tech alliances is not a one-size-fits-all endeavor. It requires a nuanced approach that revolves around authenticity, transparency, and passion.
Establishing a genuine connection with clients involves taking the time to understand their business, industry challenges, and strategic goals comprehensively. This deep understanding forms the basis for tailoring solutions that go beyond immediate needs, positioning the partnership for sustained success.
Benefits, Challenges, and Key Considerations for Successful Strategic Alliances:
In building strategic tech alliances, sales teams can unlock a plethora of benefits, yet they must navigate numerous challenges and consider critical factors for sustained success.
Benefits of Strategic Partnerships
1. Access to New Markets
One of the primary benefits of strategic alliances is the opportunity to access new markets and customer segments. By aligning with a partner who has an established presence in a target market, businesses can leverage existing relationships and distribution channels to swiftly expand their market reach.
2. Resource Pooling and Cost Efficiency
Strategic alliances enable the pooling of resources and the sharing of costs. Collaborating organizations can combine their strengths to achieve economies of scale, reducing expenses related to research and development, production, and other operational aspects. This synergy results in cost efficiencies that contribute to overall profitability.
3. Risk Mitigation
Sharing risks is a fundamental advantage of strategic alliances. By diversifying operations and responsibilities between partners, companies can mitigate the impact of uncertainties such as market fluctuations, regulatory changes, or technological disruptions. The shared burden provides a safety net against unforeseen challenges.
4. Knowledge Transfer and Innovation
Alliances foster knowledge exchange and innovation. By partnering with organizations that bring diverse perspectives and expertise, companies can tap into a rich pool of ideas. This collaborative environment stimulates innovation, driving the development of new products, services, or processes that can give the alliance a competitive edge.
Challenges in Forming Strategic Alliances
1. Cultural Misalignment
Differences in organizational culture can pose a significant challenge. Misalignment in values, work styles, and decision-making processes may hinder effective collaboration. Overcoming these challenges requires open communication, cultural sensitivity, and a shared commitment to finding common ground.
2. Coordination and Communication
Effective communication and coordination can be challenging, especially when partners operate in different geographical locations or time zones.
Miscommunication and a lack of coordination can lead to misunderstandings, delays, and, ultimately, the failure of the alliance. Establishing clear communication channels and protocols is essential.
3. Strategic Alignment
Ensuring that the strategic objectives of both partners align is critical for success. Divergence in long-term goals or a lack of clarity on each party’s expectations can lead to conflicts and operational inefficiencies.
Regular strategic alignment sessions and ongoing communication are essential to maintain focus on shared goals.
4. Equitable Value Distribution
Fairly distributing the benefits and responsibilities within the alliance is a common challenge. Ensuring that both parties perceive the value gained from the collaboration as equitable is crucial for maintaining a positive and sustainable partnership. Transparent agreements and continuous evaluation of contributions are essential.
Key Considerations for Successful Alliances
1. Strategic Fit
Aligning with partners whose strategic goals complement your own is foundational. A shared vision and purpose create a strong foundation for collaboration, ensuring that the alliance contributes meaningfully to the overall objectives of both organizations.
2. Comprehensive Due Diligence
Conducting thorough due diligence is imperative before entering into an alliance. This includes assessing the financial health, reputation, and operational capabilities of potential partners. Understanding each other’s strengths and weaknesses is essential for forming a mutually beneficial collaboration.
3. Clear Agreements and Governance
Clearly defined agreements that outline the roles, responsibilities, and expectations of each partner are essential. Establishing a governance structure that addresses decision-making processes, conflict resolution mechanisms, and performance metrics helps prevent misunderstandings and disputes.
4. Continuous Relationship Management
Successful alliances require ongoing relationship management. Regular communication, joint planning sessions, and feedback mechanisms contribute to the health and longevity of the partnership. Building a strong rapport ensures that both parties remain committed to the alliance’s success.
Insights for Sales Leaders in Cultivating Strategic Partnerships
1. Understand Customer Needs
Sales leaders should have a deep understanding of customer needs and pain points. Identifying partners whose offerings complement your own allows for the creation of comprehensive solutions that resonate with the market.
2. Emphasize Mutual Value
Highlighting the mutual value that can be derived from the partnership is essential in the sales process. Demonstrating how the alliance can benefit both parties not only attracts potential partners but also sets the stage for a collaborative and fruitful relationship.
3. Cultivate Relationship Skills
Relationship-building is a core competency for sales leaders. Building trust, effective communication, and the ability to navigate diverse organizational cultures are vital skills.
Sales leaders should prioritize authentic and transparent communication to foster strong and enduring partnerships.
4. Align Sales Strategies
Sales strategies should be aligned with the goals of the alliance. This includes joint marketing efforts, coordinated sales initiatives, and shared targets. Ensuring that sales teams from both organizations are on the same page contributes to the overall success of the partnership.
In conclusion, while the journey of forming strategic alliances may be fraught with challenges, the benefits far outweigh the risks when approached thoughtfully.
By embracing the right mindset, and addressing challenges proactively, businesses can cultivate strategic partnerships that drive sustainable growth and success.
Sales leaders, as orchestrators of these alliances, play a pivotal role in identifying, nurturing, and leveraging strategic partnerships to unlock new avenues of business growth.
