Trust is crucial in #partnerships and everyone talks about how important it is to build it.
But trust is ๐ not enough.
Alignment and communication are prerequisites for performance, but letโs not forget about performance itself.
Today many supplier-buyer relationships are very much like partnerships ๐, as they include extensive information sharing, co-#innovation, etc. Thus, insights from supplier-buyer collaborations are so relevant.
Now, where is the weakest point and the biggest divide โ๏ธ in views b/w suppliers and buyers?
Organization governance, which includes:
โ Incentive structure
โ Frequency of mutual feedback
โ Agreed metrics to measure performance and track progress
Second weakest point?
Value creation and sharing, includes
โ fair value sharing
โ performance rewards
โ financial health of collaboration
Alignment and trust are not enough if value creation, sharing and KPI tracking are not up to speed.
We covered many aspects of partnerships on our YouTube channel. Check it out.