Our 2021 CIO and IT Leadership Survey explored how organisations accelerated programmes that focus directly on increasing revenues, improving customer experience, improving operations or optimising the current cost base over the last twelve months. One of the notable ways by which organisations drove acceleration was through innovative partnership models.
Given some of the internal technology, policy and process challenges that organisations have faced recently, many organisations, notably, in the retail and pharmaceutical industries, looked beyond their organisational boundaries to form partnerships to accelerate their time to market and meet the consumer spike in demand.
For example, in the global pharmaceutical industry partnerships were formed to accelerate vaccine development, production and delivery. This enabled both process and technical capabilities to be expedited for COVID research in particular clinical operations, patient recruitment and digital platforms to enable electronic data capture and analysis.
Through a partnership model resources, knowledge and skills were pooled to fulfil a common purpose and shared vision astonishingly bringing a vaccine to market in under 12 months which in the conventional model would take 5-10 years. The Pharma sector has traditionally lagged behind other sectors in digital transformation, focusing on scientific research rather than operational improvements or new business models.
However, the pandemic has shone a spotlight on the criticality of a partnership model to expedite time to market, to share greater risk and to expand the possibilities of what can be achieved. Similarly, in retail, partnerships with third party delivery companies also accelerated the ability to make larger fulfilments in line with increased demand.
This clearly demonstrates there are new business models to be explored, and the pandemic has forced, as well as proven, that organisations can work in new and creative ways. Conventional business models are dying fast, and we will see a rise in partnerships and platform-based ecosystems where networks of interdependent organisations and partnerships rely on each other for success.
Read more about how organisations accelerated growth over the last 12 months in our CIO and IT Leadership Survey 2021 here