A partner relationship management (PRM) system is a class of technologies used by businesses to streamline, improve, amplify, and reinforce business operations with their indirect partners in order to achieve mutual growth. PRM systems give users visibility into and control over complex channel organizations. Each partner has access to a private site through the use of the software, where they can access documents, marketing materials, market development funds (MDF), opportunities, and business deals.
Additionally, partner relationship management systems provide automated, multitiered operation methods that will reduce resource investments and boost sales opportunities. More sales prospects will result in a larger market share and a higher level of satisfaction among the partner network.
PRM systems are becoming a crucial component of effective channel management and partner programs, being used in everything from joint business planning and market development fund administration to onboarding and training channel partners.