Partner Relationship Management (PRM) usually refers to a system or collection of business processes and capabilities that allow a vendor company to communicate and engage with its channel partners.
For many industries that rely on indirect sales channels, managing their partners effectively could be a frustrating and time-consuming task. Most of these organizations develop partner programs to structure policies and procedures that enable them to scale revenues through these partners more rapidly and cost-effectively rather than building a direct sales operation. Technology solutions for partner relationship management (PRM) are increasingly and effectively solving the problems associated with scaling partner programs.
This is because PRM software combines many channel management best practices for sales enablement, sales process management and partner performance management to automate an end-to-end business process. PRM tools have become essential in running successful channel management programs.
Here is a list of functionalities or capabilities that a PRM software can offer:
When it comes to hassle-free partner channel management, the right Partner Relationship Management software can be the perfect tool to help you close more deals in less time and more profitably. By minimizing the use of spreadsheets, promoting collaboration, providing quick access to stage critical sales enablement materials and much more, PRM software is quickly becoming a required and necessary tool to leap ahead of your competition.
To learn more, check out The Ultimate Guide to Partner Relationship Management (PRM) Solutions.