The legend of the genius in the garage working by yourself to come up with the next game-changing idea, is built in the technology industry. However modern business success requires a coordinated effort and cross-pollinating. This type of collaboration can be made possible by innovative tools, which allow teams to collaborate across geographical boundaries and without putting sensitive data at risk.

Private equity (PE) professionals are particularly affected by this, because their success is determined by the quality of relationships they build and nurture. This is why a lot of PE firms are moving past an Excel spreadsheet and are embracing CRM software that has relationship intelligence that provides insight into individuals, companies activities, job changes and updates to social media channels and industry news, investments and more.

Effective deal management also requires enabling clear, standardized procedures that simplify execution and ensure crucial steps are not missed. A high-quality deal management tool will help to organize the most important information and provide a complete information on ongoing sales activities so that everyone is on the same page. Integrated communication platforms and unifying repositories enable seamless collaboration across all stakeholders throughout the entire process. Alerts are automatically emailed to all parties when important events occur, including changes in the status of sales or deadlines that are due.

Secure deal-management tools that collaborate are often integrated into other essential business tools, such as Customer Relationship Manager systems such as email dropbox data room platforms, or project management software. This gives you an extensive overview of all sales activities and ensures that no important information is left unnoticed. These tools also provide easy reports and analytics that make it easy to identify trends.