We know that not all DealCloud clients operate in the same way. The pipeline, relationship management, and reporting needs of one user, team, division, or company may differ greatly from the next. That’s why our users have the power and precise control to tailor DealCloud on a user by user basis so that every individual has the tools and the views in front of them necessary to facilitate the flow of information intuitively, simply, and with the right levels of access.
What are CRM user permissions?
The “permissions” (also referred to as “user management”) features in DealCloud allow site administrators to limit who has access to different data points and different classes of data within the DealCloud platform, and furthermore who can create, edit, or view any specific data or area within the site. Additionally, permissions can be set at the feature or tool level. For example, a user may have the ability to create DealCloud Dispatch emails, but not to send Dispatch emails. Another example is limiting access or granting full team access to our data clean up tool, Merge Entries.
Controlling read and write access is essential to protecting data integrity while promoting transparency across an organization, and keeps different areas of the business informed without the risk of compromising a specific team’s processes or data. Firms may also want to configure unique permissions for entire parts of a site.
One common need our clients have is to limit visibility between investor relations (IR) teams and the rest of the firm. In this instance, DealCloud permissions would allow a private equity firm to limit access to the fundraising pipeline to only IR team members and not any deal team members. Our clients also frequently request that access be limited through permissions if a list contains sensitive information, such as the contact information of high net worth individuals (HNWIs). In this case, sensitive data is secured to the highest possible degree and is limited on a need-to-know basis.
In order for DealCloud site administrators to quickly configure permissions, its first necessary to establish user groups within the site. User groups will include individuals whose access requirements can be combined into a larger batch for easy access control. These user groups can then be leveraged to facilitate access for a specific group of site users to a given site area, dataset, reporting dashboard, or function within DealCloud. Typically, standard user groups will be established during the design and implementation stage of onboarding to DealCloud, and ongoing management is handled by administrators within the “Tools” section of the platform. User groups and permissions go hand-in-hand in DealCloud, and are both highly useful tools for taking advantage of the customization and transparency available to our clients.
For an investment bank, it may be helpful to use permissions to manage compliance measures in DealCloud. For example, investment banks that have a defined process around approving a deal or a transaction can limit a bankers’ ability to edit a “Compliance Status” field, but still allow them to view the status and receive notifications when that field has been updated. In this case, write access can be limited to the “Compliance Officers” user group.
It’s also possible to limit field access to only specific users in a given firm structure such- as the VP of Operations or the COO- for particularly high-profile situations. For example, those professionals can be granted permission to change the status of a mandate (i.e. whether a mandate has been closed or if it’s gone live). So in this instance, bankers can originate and execute deals, move them all the way through the appropriate stages, but only specific users can change the status. Once all of the deal’s details have been settled, those specific users can move it into the closed engagement status. This type of permissioning gives firms the peace of mind to use DealCloud as a single source of truth for all things deal related because they know that only members of the firm at the highest level are approving and reviewing the data.
This type of configuration is also beneficial when firms are relating deals to revenue and tracking their deal revenue in DealCloud. The status of deals can be tied into revenue calculations, and these permissions ensure that revenue is being weighted and predicted correctly (for example when an engagement’s status is changed to closed all revenue and fees associated with the deal is marked as ‘realized’ and moved out of the pipeline). Read access can also be configured for the revenue details which could be visible to senior management but not viewable for other users at the firm, enabling user groups to view and splice only the information they need from the same underlying datasets.
In many ways, DealCloud’s permission and user group configurations are as important as the reporting that comes out of the site. Our team of implementation experts is trained in working with our clients to decide and map out permissions structure during the onboarding process to ensure that the most efficient combination of best practices and firm-specific requirements are enabled from the outset.
If you are an existing DealCloud client and would like to update permission or user group settings, please contact your dedicated client success manager.