When selecting a deal making software program, it’s essential to consider your team’s unique requirements. The features you’re looking for in a software solution will be determined by the size of the organization, structure, as well as the number of stakeholders in your team. For instance small startups might have different needs than the largest venture capital or private equity firm.
You’ll need a tool that can easily track and manage a client’s progress from signal to close. In addition, a centralized document management feature allows you to share documents with both internal and external users without leaving the platform. In addition, you’ll need an application that has pipeline management to allow you to track progress metrics from signals to closing.
Finally, you’ll require a solution that provides automation to make it easier to capture and manage data points in the process. This can help you save valuable time and prevent a missed opportunity by removing the need for manual data entry. You’ll also want to ensure that your software has security of an enterprise level, which includes SOC 2 compliance and GDPR compliance. This will protect your data.
You’ll also need an application that can provide relationship intelligence, which can help your team to make networks active and close more business. A private equity company can, for instance, utilize relationship intelligence to identify important contacts and the potential to influence a negotiation. It’s important for a company to understand their BATNAs or the most effective alternatives to an agreement.