How corporate development teams can tighten workflows with deal management software

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Since implementing DealCloud, Progress Software has been able to better connect with its clients, managing deals with more than 300 companies per quarter. The firm’s internal teams have also been able to better connect with one another: Jeremy Segal, Executive Vice President of Corporate Development at Progress, noted how DealCloud’s mobile app lets him immediately notify his team after landing an agreement with a prospect — ramping up internal mechanisms to help seal the deal later.

 

Learn how your firm can likewise leverage a deal management software to tighten your corporate development workflows.

 

Use a deal management suite to prioritize your goals at weekly check-ins

Weekly check-ins are an efficient way to gain visibility into what your team is doing. By holding regular meetings, your team members can share critical company, deal, target, and relationship information. They can then determine what work to prioritize, designate resources to fill gaps, explore critical insights, and sync your goals.

 

Unfortunately, scheduling regular meetings can be difficult, especially now that many teams are dispersed and working remotely from different time zones. It’s therefore important that teams make the most of these meetings and use the time wisely. DealCloud’s data management suite lets users easily review client and deal data in real time, from anywhere. Users can come better prepared to meetings so they can focus their discussions on prospects and action plans.

 

Identify the most qualified leads by categorizing deals and tracking activity

Categorizing key relationships and deals lets you quickly identify, manage, and analyze your leads, helping you speed up your decision-making process. If one prospect falls through, you can easily determine the best prospect to focus on next.

 

Segal’s team members use DealCloud to break deals down into the categories that best suit their needs so they can focus their efforts on leads that will generate the most activity. By reviewing the categories and data that are most important to them, Segal’s team members can successfully increase their workflow agility and optimize their efforts.

 

Automate reminders in your CRM to prompt check-ins and follow-ups

Just because a lead isn’t interested in having an M&A conversation today doesn’t mean they won’t be interested tomorrow — or a few months down the road. To keep track of leads and keep your relationships strong, set reminders to check in and follow up with them.

 

Rather than storing your contacts’ information on disjointed applications like project management boards or spreadsheets, you can consolidate all their data within your deal management software. By integrating check-ins and follow-ups with your existing CRM, you reduce the chances of losing critical leads. A CRM system like DealCloud can also track existing relationship journeys and one-on-one interactions to further help you decide whether a lead is ready for a follow-up conversation.

 

Improve visibility across your entire enterprise, including the C-suite

Consolidated deal management systems are valuable to everyone, from C-suite leaders to dealmakers. When your C-suite professionals have access to key deal information — including activity, progress, revenue generation, workflows, and pipeline — they will better understand your processes and make better-informed, big-picture decisions to improve them. For example, C-suite leaders may determine how to remove certain workflow obstacles, or they may invest in any training your dealmakers need.

 

DealCloud automatically produces user-friendly reporting that helps demonstrate your team’s true value to your organization.  User permissions allow you to set up role-based visibility, breaking down informational silos and proactively distributing internal reports — keeping everyone on the same page and allowing insights to flow through all levels of your organization.

 

Use your relationship data to enhance critical conversations as they occur

With the ability to pull essential, relevant data directly from your deal management solution during your conversations, you can help strengthen your client relationships. Deal management intelligence provides essential insights into your lead relationships, allowing you to make key decisions more quickly. If, for example, your clients reference a different company or a prior interaction, you can easily find the data you need within the system and respond appropriately.

 

Segal previously used DealCloud’s insight feature on a group call that included an executive and a prospect. When the prospect mentioned a third-party company, Segal was able to access and send the information directly from DealCloud, allowing the executive to integrate this information seamlessly into the conversation.

 

Leads want to feel confident that your firm understands their needs — but without the proper system in place, it can be difficult for your firm to keep track of the hundreds of companies you serve. DealCloud digs into deep wells of information regarding the companies you interact with, allowing you to strengthen your relationships with your connections.

 

Switch from spreadsheets to a consolidated deal management system

Despite working with prospects that use advanced technologies, many dealmakers are still using spreadsheets — which are cumbersome and difficult to analyze — to store those prospects’ information. A consolidated deal management system, on the other hand, will give your entire team greater insights into the deal management process — including detailed information about companies, decision-makers, and historical data on the company-client relationship.

 

DealCloud lets you bulk-import your existing spreadsheet data into the system, saving you hours of manual work and reducing the risk of error during the importing process. Once you shift from using spreadsheets to a consolidated system, you’ll be able to easily store, access, and analyze deal data. Your team will be able to pull all data related to customers across individual pipelines, strengthening and streamlining collaboration.

 

Tighten your corporate development processes with DealCloud

Each conversation with a target company can potentially lead to a deal agreement. DealCloud helps corporate development teams improve their workflows and pipelines with minimal transitional effort by providing all the tools they need in a single intuitive suite. By improving your corporate development processes, you can reach the dealmaking stage faster.

 

DealCloud manages the details of client relationships for you and provides better visibility and more accurate data. Rather than funnelling more deals down your pipeline, you can leverage DealCloud’s relationship intelligence suite to focus on the best deals possible.

 

Start having your M&A conversations with the right people at the right time. Schedule a demo of DealCloud today.

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Author:

Anoushka Shah

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