Print Page   |   Contact Us   |   Sign In   |   Register
ASAP Blog
Blog Home All Blogs
Search all posts for:   

 

View all (285) posts »
 

Equifax Walks the ASAP Awards Ceremony Red Carpet for an Unusual Alliance Management Program in the Consumer Credit Reporting Business

Posted By Cynthia B. Hanson, Friday, April 28, 2017
Updated: Thursday, April 27, 2017

It’s an opportunity for new perspective on the role of alliance management when an ASAP member forges untrodden turf. That’s what happened with Equifax, Inc., at this year’s annual Alliance Excellence Awards that took place at the 2017 ASAP Global Alliance Summit, “Profit, Innovation, and Value for the Part­nering Enterprise,” Feb. 28–March 2, at the San Diego Marriott Mission Valley, San Diego, California. The US consumer credit reporting agency was presented the Alliance Program Excellence Award for its exemplary partnering program in an industry where partnerships and alliance business models are still emerging. The company exceeded expectations with its scalable practices, tools, and methodologies to support successful formation and management of alliance portfolios over time. The program is applicable for multiple alliances, is repeatable, and has led to consistent multi-alliance performance.

The Alliance Program Excellence Award is presented to a single, specific company and its partnering capability, not an alliance. Winners build programs on efficiency, creativity, and an integrated suite of tools, processes, professional development/alliance professional certification, and other elements. I spoke with Joy Wilder Lybeer, senior vice president, enterprise alliances and insurance, about the changes that have occurred as Equifax, Inc. integrated the progressive program into the company structure.

What prompted you to look into partnering in an industry where you don’t see it often?
Equifax is well over 100 years old with a rich history and great success as a traditionaland perhaps some may have said“stodgy old credit reporting agency.” Today, Equifax finds itself right in the middle of the fin-tech industry, and of course, data management is one of our key competencies that will only become more significant to our business. One of our company’s core values is growth through innovation, and we recognize that partnering is vitally important to this value. The most successful companies realize that innovation is at its best when companies are open to great ideas regardless of the source, and are able to come together with others and identify points of joint value where respective capabilities form the perfect puzzle that drives new value for a particular industry or customer segment.

In what areas has the partnering program impacted Equifax to improve efficiency, revenues, innovation, etc.?
Partnering with others to extend distribution, connectivity, and innovation are the core components of alliance management at Equifax.

How has the program improved innovation?
When we come together with other firms for the purpose of innovation, we are able to leverage the partners’ intimacy with the end user and their core capabilities that we may not share. For example, by combining the data assets of our firm with another, along with the analytic capabilities and brand of a third firm, we created a new insight that helps lenders extend credit to more consumers due to the use of alternative data.

How has the program improved distribution?
Many of our partners distribute Equifax solutions, data, and insights on our behalf.  We are able to leverage the sales forces and distribution mechanisms of others in a very efficient way.

How has the program influenced the organizational culture?
The culture of Equifax is evolving to appreciate the benefits of working with and through third parties to accelerate innovation and growth. Working with a third party is now seen as a viable mechanism of growth, not a last resort.

What is your relationship with ASAP?

We are relatively new members of ASAP.  Three ASAP membersVantage Partners, Alliancesphere, and The Rhythm of Businessare three experts in this space who have been integral to shepherding our journey.

Tags:  allainces  consumer reporting  enterprise alliances  Equifax  Joy Wilder Lybeer  key competencies  partnering  partnering programs  partners 

Share |
Permalink | Comments (0)
 
For more information email us at info@strategic-alliances.org or call +1-781-562-1630