• Financial Services
  • Intapp DealCloud

How creating a single source of truth enhances firmwide efficiency

Technology and the development of vertical-specific CRMs has made it easier for firms to keep all their contacts, activities, and other critical information in one place. With these advances, dealmakers are better able to manage relationships and develop coverage models.

A purpose-built platform, such as a CRM, allows your firm to have a single source of truth, a place where all the information surrounding company data is accountable and accessible. Thanks to this platform, to better manage deals and coverage models, you can put in everyone’s calendars and know who is going where and following up with whom.

Deal professionals at capital markets firms can also share who is going to what conferences and industry trade shows. This platform then becomes a space where people can log their social activities with clients and let others on their teams know how immersed they are with a certain contact. This can become important information for others to know, including which contacts are covered and which need to be contacted. By sharing accessible data, you create a company ecosystem and a lifecycle that shows who covered which contact at what specific time, and this who, what, and where is something that makes your coverage strategy more scalable.

Because every contact is being logged, you can use that information to make the most out of every trip. For example, before going anywhere you can check in with the system and see if there are multiple prospects located in the city where you are going, and if so, use your time in that city to meet with more people. By spending time clicking around in your firm’s single source of truth before going on a trip, you can make the most of that trip by ensuring you’re covering all potential contacts in that area. Whereas before, that information may not have been available, technology has made it possible to consolidate your contact list and ensure its accessibility to other team members.

With advances in technology, you can program reminders that tell you who to call and when to call them. These reminders can go off regularly so that you never miss an update to a client, or a call just to check in. Firms can now be deliberate and accountable when it comes to staying in touch with their referral network and never miss a call, update, or meeting.

Technology has made it possible to source and track accessible data through purpose-built platforms, like DealCloud. By taking advantage of a single-source of truth solution, either by setting personal reminders or sharing your schedule with your team, firms can better manage relationships and develop coverage models that are more efficient and effective for the long-term success of your firm.

To learn more about creating a single source of truth at your firm, click here.