The legend of the genius in the garage working alone to come up an idea that is revolutionary, is ingrained in the tech industry. However modern business success requires a collaboration and cross pollination. This type of collaboration is increasingly being supported by innovative tools that allow teams to collaborate seamlessly, often across geographic boundaries and restrictions without putting sensitive data at risk.
Private equity (PE) professionals are particularly affected by this, since their success is determined largely by the quality of the relationships they build and nurture. Many PE companies are moving away from Excel spreadsheets and moving to CRM software that gives relationship intelligence. This gives information on people and companies, their activities changes to jobs as well as updates on social media and industry news.
Effective deal management is also about making sure that the processes are clear and consistent to streamline execution and ensure that important steps are not missed. A high-performing deal management tool will allow you to organize the most important information and provide a an overview of all ongoing sales activities to ensure that everyone is on the same page. Integrated communication platforms and unifying repositories enable seamless collaboration across all stakeholders throughout the entire process. All parties are automatically notified when important events occur such as changes in sales status or an upcoming deadline.
Secure tools for deal management are frequently integrated with other important business tools such as Customer Relationship Management platforms, email platforms and project management software. This allows for a holistic view of all sales activities and making sure no critical information is overlooked or misplaced. These tools also provide streamlined analytics and reporting that makes it easy to discern trends.