What is Partner Relationship Management (PRM), and what are best practices, tools and online templates for teams and organizations?
Definition of Partner Relationship Management (PRM)
Partner Relationship Management (PRM) is a term used for the strategies employed to streamline business practices between companies and the partners help develop, distribute or sell their products and services. Partner Relationship Management systems often include software that is cloud-based and contains tools that allow partners to manage revenue, sales metrics, and leads. In business strategy, PRM relates to the identification, prioritization, and selection of strategic partnership. In operations, PRM Systems often include processes and technologies for managing logistical details such as pricing and inventory.
Description of Partner Relationship Management (PRM)
Partner Relationship Management (PRM) is a system of methodologies, strategies, and processes that help a business to manage its partnerships. The general purpose of PRM is to enable organizations and teams to manage their partners through systems, processes and procedures for identifying, evaluating, developing relationships with, and working with external companies.
Many PRM systems now involve online or cloud-based software systems similar to CRM (customer relationship management), though PRM software can be highly customized for work with specific types of partnerships. The most successful software solutions typically contain the following:
- Partner portals for vendors to communicate with channel partners.
- Controls which allow management to decide who can view each kind of data.
- Tools for vendors and partners to collaborate on specific business opportunities.
- Dashboards with tools to measure goals and monitor performance results using KPIs.
- Seamless integration with business tools, including contracts, time management, expenses, calendars and communication systems.
A Partner Relationship Management (PRM) system saves time and energy for managers because it streamlines partner development processes and decreases duplication within the organization.
Tools & Templates
Partner Relationship Management templates often include spreadsheet software such as Microsoft Excel, though more and more options exist within various online tools and cloud-based platforms.
upBOARD's Online Partner Relationship Management Tools & Templates
Unlike most traditional Partner Relationship Management tools, upBOARD’s online Partner Relationship Management software allows any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s portfolio of other business strategy best practice tools and templates, including:
2 X 2 Matrix, ADL Matrix, Affinity Diagrams, Baker’s 4 Strategies of Influence, Balanced Scorecard, Benchmarking, Blue Ocean Strategy, Bowman Strategy Clock, Build-Measure-Learn Feedback Loop, Business Model Canvas, CAGE Distance Framework, Competitive Analysis, Competitive Landscape Analysis, Contingency Planning, Core Competence Analysis, Critical Success Factors, Discovery Driven Planning, Economic Value Added, First Mover Advantage, Five Forces Model, Force Field Analysis, Gap Analysis, GE McKinsey 9-Box Matrix, Go To Market Strategy, Hambrick & Frederickson’s Strategy Diamond, Hedgehog Model, Hook Model of Behavioral Design, Hoshin Planning System, Kay’s Distinctive Capabilities Framework, Key Outcome Indicators, Kotler’s Five Product Levels Model, Kotler’s Pricing Strategies, Lafley & Martin’s Five Step Strategy Model, McKinsey 7S Model, McKinsey’s Seven Degrees of Freedom for Growth, Mergers & Acquisitions, Mission Statements, Mullin’s Seven Domains Model, OGSM Framework, Ohmae’s 3-C’s Model, Partner Relationship Management, PEST Analysis, PESTLE Analysis, Porter’s Diamond, Portfolio Management, Purpose Statements, Pyramid of Purpose, Scenario Planning, Simonson & Rosen’s Influence Mix, SMART Performance Metrics, SMARTER Goals, SOAR, Strategic Goals, Strategy Map, Strategy Roadmap, Strategy Uncertainty Map, SWOT Analysis, TOWS Matrix, Triple Bottom Line, USP Analysis, Value Chain Analysis, Value Disciplines Model, Value Net Model, Values Statement, Vision Statements, VRIO Analysis, and Weisbord’s Six-Box Model.