In the business world, we come across multiple challenges and opportunities, often beyond our capabilities or focus areas – the main reason we look for partners, partners who are specialized in certain core functions. Hence, instead of addressing all the challenges in the business world within the organizations, commercial or government entities often partner with companies who are specialized in or focused on certain core services or products they bring to market. We might experience repeated statements "we could do it ourselves" from in-house departments when a business challenge is addressed with a partner. This is like a man stating, 'I can deliver my child on my own'. This does not mean that we should outsource all non-core functions. There are many examples of in-house projects which have produced great results.
Now let us analyse the factors to be considered while selecting the right partner.