What Is Partner Relationship Management (PRM)?

Let's face it, and business is all about relationships. What you do with your partners is just as important as what you do with your customers. If you take care of your partners well enough, they'll be more inclined to take care of you and your customers. Partner relationship management is a business process by which an organization contains policies, procedures and methodologies to deliver, manage and maintain its bearing with external business partners. This business process is designed to ensure that an organization's partners are satisfied and that the company receives value from these relationships. PRM helps an organization to identify its needs and those of its partners, as what each party can provide others. Partner relationship management is often used with other processes such as supply chain management, customer relationship management and sales force automation since each process impacts how successful a partner relationship will be. PRM may include provisioning products and services for various partner types, including suppliers, distributors and resellers. It also may support joint products or project development. When you're procuring products and services, there are many things to consider. You want to ensure that you're getting the best value for your money, but you also want to ensure that any partner you work with complies with your company's policies. It's easy to get swamped by all of these factors—but not if you're using PRM! PRM helps you manage all of your partners so they can comply with your company's policies while also providing the best value for your money in the long term. PRM is the new way to go. It's like the old way, but better. It's like a fine wine: it gets better with age. It's like the new iPhone: it's better every practice.PRM is so hot right now that all your friends are doing it—and they will keep doing it because it's just so great!