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I get many exciting opportunities to speak at various HRTech conferences across the globe. One of the key topics I discuss with other CEOs and HR professionals is strategies for achieving incredible future growth.

You always have a choice when you want to bring a remarkable change in your business. And you always have three options available: Build, Buy, Partner.

Let’s analyze this concept.

Build vs. Buy vs. Partner

Build

Build is the first option every company explores while working on its growth. When you choose this option, you create a solution with your resources, control, and talent.

Go for this approach when:

You have all the required resources and skills You want to own this strategic competence You can do it quickly and at a low risk

However, this option might demand additional resources and capital, and may also result in a long time to go to market.

Buy

In this approach, the company buys complete or a part of a third-party solution. You can also buy a technology platform and build your solution.

Go for this approach when:

You do not have the required resources and skills to build There are third parties who can do it better and faster

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