While the romantic image of a genius working in a garage to create an innovative idea is part of the mythology surrounding technology modern business requires a coordinated effort and cross-pollination. This type of collaboration is made possible by the use of innovative tools that allow teams to collaborate across the globe and without putting sensitive information at risk.

For private equity (PE) professionals this is particularly important because their success is determined by the quality of relationships they create and cultivate. This is the reason why many PE firms are moving beyond the traditional Excel spreadsheet and are embracing CRM software that has relationship intelligence that provides insight into individuals, companies and their activities, job changes and social media updates and industry news, investments and much more.

Effective deal management also requires making sure that there are clear, uniform procedures that speed up execution and ensure crucial steps are not missed. A high-performing deal management tool can help to organize the most important data points and provide full overview of ongoing sales activities so that everyone is on the same page. Integrated communication platforms and unified repositories enable seamless collaboration between the various stakeholders throughout the entire project. Everyone is automatically notified when important events occur for example, a change in sales status or a deadline that is due.

Secure tools for deal management are frequently integrated with other essential tools for business, including Customer Relationship Manager systems and email platforms, or project management software. This allows for an all-encompassing view of all sales activities, and ensures that no important details are left unnoticed. These tools also provide streamlined reports and analytics that make it easy to discern trends.

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