The PRM landscape keeps on evolving to accommodate upcoming technologies, changing market dynamics, and business needs. Stepping into 2024, therefore, it becomes relevant that businesses stay ahead of the curve by knowing first what kind of trends will shape the landscape in the next year. In this blog, we are going to discuss the most important trends expected to shape PRM in 2024 and share how businesses should receive these trends in order to future-proof their partner relationships.
1. Artificial Intelligence (AI) and Machine Learning (ML) Integration
AI and Machine Learning are becoming an integral part of PRM software. In 2024, there could be a deeper integration of the AI and ML algorithms as they automatically take over and optimize different aspects of partner management.
Predictive Analytics: Predictive analytics powered by AI will support future-looking guidance about the behavior and performance of partners in driving data-informed business decisions and predicting their needs.
Machine Learning algorithms will be applied to optimize the distribution of leads so that they are routed to best-fit partners depending on performance and attributes in historical data.
Personalization of Partner Experiences: AI-driven personalization will elevate partner experiences since it targets better content, resources, and recommendations to individual partner profiles and preferences.
2. Robust Data Security and Compliance
PRM in 2024 would be seriously concerned with data security and compliance to global regulations such as the GDPR and CCPA in the wake of ever-increasing consideration for data privacy and regulatory compliance.
Advanced Encryption: The PRM platforms will adopt advanced data encryption in securing partner and customer information and allowing secure collaboration.
Compliance Modules: Compliance modules within PRM software will support businesses to follow the evolvement of data protection regulations, increasing the value of compliance at low risks.
Data Portability for Partners: This feature will allow partners to be in better control of their data, which can easily be exported and transferred for embedding a lot of trust and transparency.
3. Partner Collaboration Ecosystems
PRM is no longer about managing partner relationships; it’s about creating collaborative ecosystems. In the year 2024, much emphasis will be given to building partner networks, crossing traditional boundaries.
Extended Partner Networks: Companies extend the partner network to include freelancers, gig workers, or on-demand talent to meet the emerging market needs.
Collaboration Hubs: PRM platforms will expand to be one-stop collaboration hubs where partners collaborate with ease on joint projects, campaigns, and initiatives.
Community Building: The intent is toward building partner communities where sharing knowledge and supporting each other resolves collective success.
4. Mobility and Accessibility
In 2024, there will be a high demand for mobile-friendly PRM solutions that can enable access to partner resources and collaboration tools anywhere at any time.
Mobile-First Design: PRM software will be designed more with a mobile-first approach to ensure that critical information and tools are accessible on partners’ smartphones and tablets.
Partner Apps: Customizable partner mobile apps will become mainstream as a destination of interaction and resource access for partners.
Offline Access: Partners can work offline; all activities and data will be automatically synced once they get online.
5. Sustainability and Corporate Social Responsibility
In the year 2024, sustainability and CSR will play a more important role in partner relationships. Companies would like to deal with those partners who share their values and sustainability initiatives.
Sustainable Partner Selection: Partner selection is done based on companies that show concern for the environment and support the sustainability goals.
CSR Collaboration: PRM systems will enable collaboration around CSR initiatives, allowing partners to make a combined effort toward philanthropic and sustainable projects.
Carbon Footprint Tracking: Some PRM applications will provide tracking features for carbon footprints that can be useful in executing partner activities and collaborations in an eco-friendly manner.
6. Advanced Reporting and Analytics
By 2024, PRM platforms will support even better reporting and analytics, enabling businesses to have a closer view of their partner performance and how collaboration is paying off.
Real-time Dashboards: Real-time dashboards will show in a single view snapshots of partner activities, lead generation, deal progress, and revenue.
AI-Driven Insights: AI-powered analytics will dig deep into hidden trends and patterns of partner data to make strategic decisions proactively.
Benchmarking Tool: Benchmarking features will allow business enterprises to benchmark their partner performance versus industry benchmarks and competitors.
In the ever-evolving PRM landscape, inform and adapt would, therefore, be the mantra of not just surviving but thriving well in the competitive partner ecosystem of 2024. Indeed, businesses will make sure their partner relationships are resilient and future-proof for the years ahead by embedding AI; making sure data security is a priority; creating collaboration ecosystems; driving better mobility; embedding sustainability; and leveraging advanced analytics.