Corporate development teams are always searching for new strategic growth options, which requires a lot of data, resources, tools and research. Luckily, there is software designed specifically to help corporate development teams manage their ideas and workflows.
What is a Corporate Development Tool?
Corporate development software is one of the best ways to help companies manage deal pipelines efficiently and effectively. In M&A deals, there is frequently lots of research and due diligence involved, and large amounts of information to accumulate very quickly.
Corporate development tools are one of the best ways to manage and keep track of all of the information involved with a potential deal.
Deal pipeline software provides a primary location to store and share information in a very secure environment. It allows for easy communication while tracking progress every step of the way, and is designed to accelerate and improve the deal lifecycle.
Corporate development tools can help with deal sourcing, deal management, and due diligence, saving you time and money by having one secure platform to use and track the progress of the deal.
Some of the advantages of using professional corporate development tools include:
Expedite Business. Be in reach of numerous business deal opportunities and cultivate relationships with global M&A deal makers.
Increase The Number Of Optimal Opportunities. Narrow down your search criteria and only search for the best deals that will match your appetite for risk.
Set Up A Pipeline. Keep track of and monitor current potential deals and opportunities without losing track of where you are with each prospective deal with pipeline management.
Enhance Access To Information. Amplify communication amongst team members while working with information securely via virtual data rooms, allowing relevant partners to access information in real time from any location.
Organizational Proficiency. When it comes to corporate development teams handling lots of information, a system needs to be in place to ensure everything is organized to enable good decision making.
Quite simply, business development software allows for a central, secure place to store information and can lead to increased business opportunities and leads. This leads to increased efficiencies and cost savings, as you will have one central place to access information for any authorized party with an internet connection. It also ensures implementation of procedures for follow up so no important deadlines will get missed throughout the deal lifecycle!
What Features Should Corporate Development Software Have?
The success of the corporate development software that you use largely depends on the features it contains. There are many tools programs out there, but you need to make sure you select one that contains all of the features that best meet your needs.
Here are just some of the main features corp devs must have:
1. Team Collaboration
Features that a corporate development tool must have need to include features for team collaboration. This is essential so relevant team members can assign tasks, review information, and leave comments and feedback. If the tool you are looking at doesn’t have team collaboration features, then it’s probably not the right fit for your company or organization.
2. Secure Data Storage
You need a place such as a virtual data room to ensure your information, documents and data is 100% secure. The virtual data room should have settings for different access levels that can be enabled and disabled immediately by authorized parties. You may want to share things with third parties but not provide them access to everything your team should see. The virtual data room should also contain a host of security features that your company will likely utilize.
3. Segmented Deal Management
A good corporate development tool should allow you to easily alternate between viewing different deals quickly and easily, and the platform should be able to accommodate a very large amount of information from all of the different deals that you are either pursuing or are in progress.
Business development software needs to accommodate being able to stay ahead of critical deadlines. It should be user-friendly and aesthetically pleasing so it is not a chore to use and navigate between the different sets of information.
4. Custom Training
Every company is very different in terms of size, industry and needs. Thus, the features of various tools will be very different from company to company. Training should not only be available to show everyone how to use the software, but should also be custom tailored so all applicable users know how to use all of the functionality of the software from day one.
5. Customizable Filters
Any corporate development software you use should have customizable filters so you can always stay in the loop on all pertinent information pertaining to the project such as important dates, leads, last action step and all other important information so you are fully informed on the status of your current projects.
6. Successful And Integrated Team Management
Users should be able to easily set up segmented areas or rooms for different assignments and inquiries, and the tool should be easily customizable for organizational and oversight purposes.
Best Corporate Development Software Benefits – DealRoom
Corporate development tools should allow you to consistently be organized and successfully handle numerous different projects, and ultimately, save you time and money by having one central, user-friendly system to keep track of everything.
Even more, this software will prevent high-risk file sharing, confusion from using numerous software sharing platforms, and the absence of control over your information. In this age where hacking and data breaches are so common, don’t make the mistake of not investing is a secure environment to work with and store your valuable information and documents.
Corporate development software will also provide top notch security so you can feel at ease knowing your data is safe and secure, and only authorized parties at pre-approved access levels will be able to see it. Make sure all of your important projects stay organized and on task by using a first class corporate development software provider such as DealRoom.
In today’s modern digital age where lots of information accumulates quickly, the right tools will make your whole team’s life so much easier and on top of everything. Your strategic decision making will be vastly improved as will your M&A deal review process by using the very best tools on the market, tools that will allow your team to handle multiple large tasks with ease!