How Paylocity eliminated Excel trackers and started managing due diligence efficiently using DealRoom

About the Company

Paylocity is an all-in-one software platform helping HR professionals achieve their best with automation, data-driven insights, and engagement. Amanda Mucek is the former Manager of Corporate Development at Paylocity.

DealRoom CEO Kison Patel sat her down to have a conversation about how they were able to manage due diligence efficiently using DealRoom.

Challenges

Prior to implementing DealRoom, Amanda was using Excel trackers to conduct due diligence.

Maintaining these kinds of Excel trackers requires using confusing and unreliable formulas to track requests and extensive list keeping. Due to complex pipeline tracking, there can become an issue of not knowing which Excel sheet is the correct one with the most recent information.

This alone can cause confusion, miscommunication, and errors resulting in redoing work. Amanda noted these challenges created long hours, which turned into late nights. Additionally, she experienced:

• Lack of reliable security with proprietary information 
• Losing track of stored information in the case of a deal being put on hold
• Excessive time spent checking for emails and waiting on deliverables
  

Solutions

After realizing repeated shortcomings in their current practices, Amanda searched for alternatives. After coming across DealRoom, they noticed the platform had solutions for each challenge they were looking to solve.

One of them is DealRoom's pre-build templates that fit with each client’s needs, which saves time building redundant Excel spreadsheets.

The stand-out feature also recognized is DealRoom’s request feature. By providing a framework to manage thousands of documents and multiple teams, the request feature lays everything out to be answered efficiently and accurately.

Other solutions she noticed include:

• Secure data storage you can come back to, even years later
• Permissions allow people on different teams to have access to only the information they need
• DealRoom makes it easy to assign tasks to team members so everyone is held accountable
  

Outcome

By implementing DealRoom, Amanda noted the need for Excel trackers was either eliminated completely or drastically reduced.

The transparent nature of the platform also created accountability amongst team members, drawing a line between what needed to get done and who needed to do it.

She was able to save a large amount of time as well, saying overall their teams:

• Integrations were completed 4 months faster
• Saved an average of 3 to 4 hours a day during the diligence process, minimizing the need for long hours and late nights
• Cut the time spent in an Excel tracker by 50%