Are you mixing up your deals, client details, discounts, etc?
Do you have to spend hours searching through documents for context?
Are you frustrated because of the stress this is adding to your work?
If you answer YES to any of these questions, you need a SaaS-based software to manage your deals.
With a deal management software, you can:
- Initiate and organize deals quickly
- Plan each of your deals in advance
- Execute them in collaboration with your teammates
- Look up their data available at a quick glance
- Change their pipeline stage with simple drag-and-drop operations
- Initiate a welcome sequence of emails immediately as after winning the deal
Reasons why the Investment Industry Needs a Deal Management Software
There are too many parts to an investment industry deal: the problem, the solution, the paperwork, the people, the strategy, etc. And all of it happens simultaneously.
By using a deal management software, data about every aspect of the deal can be kept neatly organized in a single software instead of several different ones.
Deal software is helpful in all deal phases
Investment banking projects go through 4 phases. Here’s how deal management software helps each one:
Table of Contents
1. Project initiation
The deal becomes much easier to manage if all aspects of data are managed within a single software during due-diligence.
A deal management software provides that single location, thus making access and management of this data much easier.
2. Project Planning
During the planning phase, each activity is broken down into sub-tasks and new members are brought in to work on the deal.
During this phase, the deal management software provides a single platform to:
- Communicate
- Delegate the tasks
- Create a task calendar
- Execute planning tasks simultaneously
For example, assign different roles and individual tasks to executives, decide priorities, and their deadlines.
3. Project Execution
While the deal is in progress, the deal manager can create workflows, monitor the progress of his executives, monitor the deal as a whole, and anticipate and fix bottlenecks as they arise.
All of this possible with a single deal management software.
4. Project Closure
If the deal was won, the deal manager can look back at the data to review every team member’s work through stats.
If the deal was lost, the deal manager can look back and reflect on what went wrong and where things went south, and analyze the project and team performance.
In either of those situations, having everything organized, classified, and measured in one place is immensely useful.
Features of deal management software for investment bankers
The key takeaways for investment bankers who want to use deal management software are easy to describe if we look at what features does the software offer
1. Unified visual deal summaries
A deal management software turns information chaos into productivity by visually presenting data about all deals.
As data is visualized:
- sales processes get streamlined
- the efficiency of the sales team improves
- informed decisions can be taken quickly without having to waste time in gathering all the data
2. Customized deal tracks for multiple types of deals
A deal is managed through multiple stages. The list of these stages can be different for different companies based on the industry. Even within the investment industry, there can be different types of deals.
But what about when your company offers multiple products and deals for each one are to be managed separately?
With the right deal management software:
- these deal tracks/stages can be customized to suit how your own company conducts deals
- deal tracks can be separated for different products
3. A simplified summary and reporting on the entire pipeline
In the long run, you don’t just want to manage a single deal but all deal in a single pipeline.
A sophisticated deal management software can help:
- Provide stats and reports about the health of the overall pipeline
- Analyze deal performance
- Analyze team member performance
- Figure out appropriate actions necessary to move the needle for each deal
4. Easy deal manipulation operations
How do you mark a deal as moving to the next stage?
If you are using different software, you have to repeat this process for each and every software: open the deal, find the appropriate setting, and change it
Wouldn’t a smarter way be to simply move the deal from one stage to another?
A smarter deal management software will provide a drag-and-drop operation to move deals across stages without having to synchronize every piece of data separately.
A deal management software is the need of the hour for the investment industry
It’s important to organize your deal pipeline to stay on track, eliminate inefficiencies, and reduce potential opportunities of loss.
You can get all the deal management data in real-time and make quick, informed decisions.
With a smart deal management software, you can also tap into sales forecasting for different periods of time.
