The core advantage of strategic alliances is that they can enable deeper collaboration and higher agility than other forms of partnerships. Strategic alliances are medium- to long-term partnerships in which each participant contributes nonmonetary assets to achieve a joint goal. Why More Companies Are Choosing Alliances In today’s rapidly transforming business landscape, investing six months to a year in an unproductive effort to jointly develop a cutting-edge mobility, industrial Internet of Things (IOT), blockchain, or remote health care-delivery solution, for example, can translate into big missed opportunities and a loss of market share. That’s a risk many companies can no longer afford. Indeed, a high percentage of strategic alliances fail. And they’re finding that strategic partnerships offer one of the best ways to meet the crushing need to innovate, scale up, and get to market.īuilding and managing a successful collaboration isn’t easy, however. (See Exhibit 1.) Companies in sectors as diverse as health care, transportation equipment, and discretionary consumer products are scrambling for competitive advantage in an era of swift, disruptive technological change on multiple fronts. The speedy development of COVID-19 vaccines illustrates why the number of strategic alliances has grown dramatically in recent years. And the partnerships, which produced the Pfizer-BioNtech, Moderna, and AstraZeneca-Oxford vaccines, were executed with impressive efficiency. They united pharmaceutical giants with the capabilities and infrastructure required to successfully speed the drugs through clinical trials and regulatory approval and into mass production and distribution. Strategic alliances brought together biotech ventures with revolutionary vaccine technologies. But it also illustrated the power of a particular kind of partnership: the strategic alliance. The development and deployment of COVID-19 vaccines in less than a year was a stunning achievement for science. Here’s what they must do to build and manage them successfully.
More companies are forging strategic alliances as they seek competitive advantage.
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Learn more about how to successfully execute them here. Productive partnerships develop over time, and the value they create depends on how well they are executed.Īlliances have become critical to securing competitive advantage. An alliance is an ongoing relationship that must be nurtured.Companies should focus on mutual growth rather than independent gain. An alliance’s key objective is to capture the highest value from the relationship. It’s important to build trust with partners from the outset.They should also develop a game plan for each phase of the negotiation and design process.
Firms should do their homework before contacting a potential partner.To better enjoy the benefits of larger scale, companies should have a portfolio of alliances-and make sure the ones within it are a good fit. Choosing the right partners is critical.Through our analysis of a number of alliances and interviews with a range of executives and other experts, a few key themes emerged: Building and managing a successful collaboration isn’t easy, however. The partnerships behind the quick development of the Pfizer-BioNtech, Moderna, and AstraZeneca-Oxford COVID-19 vaccines are important examples of this. Technology, Media, and Telecommunicationsįaced with a crushing need to innovate, scale up, and get to market, many companies are forming strategic alliances.
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