What is PRM Software?
Partner Relationship Management (PRM) software is a digital tool that streamlines the management of relationships between a company and its partners, such as distributors, resellers, vendors, suppliers, and other external stakeholders. The platform serves as a hub for communication, collaboration, and activities between the organization and its partners, building better alliances and improving productivity for everyone involved.
Importance
All companies across industries require partners to succeed in their business endeavors. Manufacturers need marketing agents to ensure their products are known to the public. Building contractors require engineering and architectural consultants to construct solid structures. Mining companies need environmental experts to uphold sustainable operations. Establishing and maintaining good relations with partners is fraught with challenges. Utilizing partner management software helps ensure that all stakeholders work towards the same goal. Here are some specifics:
Enhanced Communication – Lack of communication is the primary cause of misunderstandings, work delays, and missed opportunities. The software’s centralized platform with real-time communication capabilities ensures everyone stays on the same page and collaborates better.
Streamlined Partner Management – Many administrative workflows, such as drawing up contracts, onboarding vendors, training suppliers, and compliance management, can be accomplished within a central hub with role-based access. It reduces manual tasks, minimizes errors, and increases productivity.
Data-driven Decision-Making – Partner relationship management software has built-in reporting and analytics that provide actionable insights (e.g., operational KPIs, sales revenue, customer satisfaction, etc.) based on real-time data. With this, companies can evaluate their partners, fairly allocate rewards, and discuss plans for future improvements.
Key Features
Some comprehensive management platforms have modules that can help companies handle partner-related processes, such as supplier assessments, vendor audits, and third-party risk management checks. Several functionalities are also found in PRM software, but there are a handful distinct to it:
Checklists and Templates for Partner Management Workflows
Centralized Dashboard with Roled-Based Access
Partner Portal for Self-Service Access
Content Management and Sharing
Partner Onboarding
Collaboration Tools (e.g., Shared Calendars, Scheduling, Document Sharing)
Deal Registration and Management
Lead Distribution and Tracking
Issue Resolution
Commission and Incentive Program Management
Collaboration Tools
Training and Certification Management
Partner Performance Benchmarking
Performance Tracking, Reporting, and Analytics
Partner Feedback and Satisfaction Surveys
Integration with CRM and Marketing Automation Platforms
Mobile Accessibility with Offline Capabilities
Choosing the Right PRM Software
Any of the PRM software solutions described can help business executives, sales managers, and customer relationship managers build rapport and maintain good relations with their business partners. Before making your final choice, take another look at your options in the list below:
PRM Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month* | Yes |
Partner Pulse | No | Contact for pricing | No |
PartnerStack | No | Contact for pricing | No |
Impartner | No | Contact for pricing | Yes |
ZiftONE | No | Contact for pricing | No |
Allbound | No | Contact for pricing | No |
Referral Rock | No | $175/month | No |
* billed annually
