The legend of the genius in the garage, working on their own to develop the next game-changing idea, is built in the technology industry. However modern business success requires collaboration and cross pollination. This kind of collaboration is becoming increasingly achieved through the use of innovative tools that enable teams to collaborate seamlessly, often crossing geographical boundaries and limitations without putting sensitive information at risk.
For private equity (PE) professionals, this is especially critical because their success is determined by the quality of relationships they develop and nurture. This is the reason why many PE companies are moving beyond an Excel spreadsheet and embracing CRM software with relationship intelligence that gives insight into companies, people activities, job changes, social media updates, industry news, investments and much more.
Effective deal management also requires making sure that there are clear, uniform procedures that speed up execution and ensure crucial steps are not missed. A top-performing deal management software will help organize key data points and provide complete information about ongoing sales activities, so that everyone is on one page. Integrated communication platforms and unifying repositories enable seamless collaboration between all stakeholders throughout the entire process. Alerts are automatically emailed to everyone involved when crucial events occur, like changes in the status of sales or upcoming deadlines.
Secure deal management tools that are collaborative are often integrated with other essential business tools such as Customer Relationship Management systems, email platforms and project management software, which allows for a holistic view of all sales activities and ensuring that crucial information is not missed or misplaced. These tools also provide easy reports and analytics that make it easy to discern trends.
