Hi Gaurav,
Your ask is complex. One simple way to start is by considering what your department is doing now and what they have trouble doing (or are unable to do but want), especially as it relates to supporting realization of the company's goals.
An understanding of the department's current capabilities at a high-evel and gaps that exist will enable you to priortize departmental needs for execution today and what may need to happen in order to support growth. From there, identifying players that can fulfill those respective needs will help give you a starting point on a list potential partners.
Clearly, it is much more complicated than the explanation I provided above when you begin explore strategic, financial, and operational fit and when thoughts move toward building for the future as opposed to a current need.
Hope that helps.