The myth of the genius in the garage, working in a team to create an innovative idea is woven into the world of technology. However modern business success requires collaborative effort and cross pollination. This type of collaboration is becoming increasingly supported by innovative tools that allow teams to work seamlessly, often across borders and boundaries, without putting sensitive information at risk.
For private equity (PE) professionals this is crucial because their success is based on the quality of the relationships they develop and nurture. Many PE firms are moving away from Excel spreadsheets and are embracing CRM software that provides relationship intelligence. This provides information about the activity of companies and individuals and changes in employment, social media updates and industry news.
Effective deal management also entails creating clear, standard procedures that speed up execution and ensure crucial steps are not missed. A well-performing deal management system will help organize key data points and offer the complete picture of the ongoing sales activities, ensuring that everyone is on one page. Integrated communication platforms and unifying repositories enable seamless collaboration across all stakeholders throughout the entire process. All parties are notified of important events such as changes in sales status or a deadline that is due.
Secure tools for deal management are frequently integrated with other important business tools like Customer Relationship Management platforms, email platforms and software for managing projects, allowing to have a complete overview of all sales activities and ensuring that no crucial information is left out or lost. These tools also provide simplified analysis and reporting that makes it easy to discern trends.