Deal management is concerned with the procedures and practices that allow an organization’s investment strategy to be carried out. The objective is to manage a complicated pipeline of sales and practices, as well as standardize procedures and improve deal quality.
To establish a successful deal-management process, you must first understand the responsibilities and goals of each role in the sales cycle. Also, make sure that these roles have clear handoffs. This will help ensure that the unlocking the full potential of VDRs in strategic collaborations appropriate people are involved in the right deals, and also that those roles don’t overlap too much — this can cause confusion or conflict and ultimately slow the sales process.
A good deal management procedure should also have a specific timeline for each stage, and also the criteria that must be fulfilled to be able to move on to the next stage. This will help teams identify bottlenecks, and make steps to overcome them. A well-organized process should allow for consistent communication between all parties involved in the transaction, including external partners such as brokers or investment managers.
In an environment that is complex in sales numerous stakeholders have a hand in the process. This is especially true in the mid-market and enterprise segments with numerous decision makers as well as feature requests, important dependencies, and so on. To manage these deals, you require more visibility and oversight. A technology solution such as Revenue Grid can provide this level of control and visibility to ensure the right people are working where they are supposed to be working.