2/10/24
By Geir-Åsmund Haugland, Product Manager
Due diligence(DD) is a critical part of any transaction. It's where the seller and buyer meet for a thorough review of the information that forms the basis of the deal. Accuracy is crucial to avoid wrong decisions that can have significant financial consequences. Traditionally, due diligence has been a time-consuming process, but with increased focus on completing transactions faster, the question of streamlining has become increasingly relevant. But can you really accelerate the due diligence process without compromising on quality?
The answer is yes - if you use the right tools.
Historically, speed and thoroughness in DD processes have been in constant conflict. An efficient process can mean important details are overlooked, while a thorough process can lengthen transaction time and increase costs. This balance has led stakeholders, especially in complex transactions, to fear that a more efficient approach will reduce the quality of work.
However, modern technology can reduce the relevance of this contradiction. With advanced tools that simplify document review, collect data from multiple sources, and streamline communication between parties, the process can be accelerated while maintaining thoroughness. Technology can help ensure that no stone is left unturned, while cutting down on time-consuming and manual tasks.
To meet the need for this balance, ENVE is now launching a new module that makes it possible to allocate tasks in an efficient and structured way directly in the data room. This module acts as a project management tool, where requests and tasks can be organized, allocated and monitored. It gives sales teams better control over their workflow, while ensuring that no requests are overlooked.
One of the biggest problems in traditional due diligence processes is keeping track of who is responsible for which tasks, especially when many people are involved. This often leads to inefficiencies, with team members spending time coordinating among themselves rather than focusing on the task at hand.
With ENVE's new module, team leaders can easily distribute work using "work packages." This means that large volumes of requests can be grouped together and assigned to a specific team, which is responsible for responding to those requests. The result is that work is structured in a way that enables parallel processing of multiple tasks, without anything falling through the cracks.
Sometimes a transaction requires a more specialized approach. With the custom tasks feature, team leaders can now create specific tasks tailored to the particular needs of the project. This provides a flexibility that was previously difficult to achieve. Each task can be linked to specific files or folders in the data room and directly assigned to individuals in the team. This ensures that each task has a clear owner and that it is handled with the necessary expertise within the set deadline.
Sales reps and their teams can also benefit from a new work page called "My work," which gives each user a personalized overview of all their assigned requests and tasks. This allows team members to easily prioritize and follow up on their responsibilities, without the need for manual updates in Excel sheets or cluttered email threads. This feature helps reduce friction in the process and makes it easier for the team to work in sync with each other.
With the new module, a significant improvement in efficiency is achieved, without compromising on quality. By organizing and structuring the work allocation process, teams can focus on what matters most - providing accurate answers and ensuring successful transactions. The result is faster and smoother due diligence processes for all parties.
Want to know more about how work distribution can simplify your next transaction? Book a no-obligation demo here.
Last updated
11/19/2024 23:51
