Deal management platforms are used to track and analyze sales opportunities according to their current position in the pipeline. These tools can assist you in increasing conversion rates and optimize your sales process through greater efficiency, productivity enhancement and increased revenue performance.
While using the generic CRM software or Excel spreadsheets is a common method to manage deals, they can be more an obstacle than a aid for companies that need more specific features to fulfill their specific workflow requirements. This is especially relevant for teams that work in areas such as venture capital, private equity and investment banking.
You can increase collaboration and streamline the sales process with deal management software. You can use the tool to build a visual sales pipeline and assign deals to different stages to track their progress. You can also utilize the deal-by-deal view to look at your most promising prospects in a simple user-friendly format, making it easier to identify opportunities and to close more deals.
You can automate workflows based on roles and ensure that all stakeholders are included in each deal. Deal software that is robust may even grant direct access to third party experts such as legal and environmental consultants, allowing you to simplify operations by eliminating manual delegation. This can lower costs and help minimize risk that was not anticipated. In addition you can create and track documents such as invoices, quotes and proposals within the system.