A faster, less risky close: how thedocyard makes completing the deal a non-event

Greg O’Reilly, Head of Customer Success, thedocyard

Five key platform features for deal close stage

You’ve reached the finishing line. You’ve got a deal in principle; you just need to cross the t’s and dot the I’s to make sure it gets done – and quickly. You’re trying to capture the essence of what has been agreed to in a way that is waterproof and doesn’t leave room for any unwanted surprises.

Yet with so much on the line in the ‘black hole’ of the deal close phase, you may often scramble to stay on top of a mammoth list of to-dos. You’re trying to manage a multitude of versions, and generally to keep the process moving towards completion.

Unfortunately, the virtual data room alone does little to help. Sure, data rooms are helpful when you’re doing the due diligence, but beyond that, you’re on your own.

As an end-to-end deal management solution, thedocyard includes several features to improve the pace, accuracy, communication and cost of wrapping up the deal. Here are a few examples:

1. Know what you’re agreeing to thanks to thedocyard’s dashboard

In this crucial closing phase, you’re pinning down the final details of exactly what you’re agreeing to. You’re dealing with version after version. It’s hard to be 100 per cent sure of the status of the deal with documents flying around over email.

In thedocyard things are different. With real time dashboards and checklists, you can see what the latest version is at a glance. This makes it easier to know whether you’re agreeing on the most up to date version and nothing has been missed, reducing risk when things close.

2. Everyone in the loop with in-app communication

When you’re closing a deal, it’s particularly critical that everyone is aware of the status of the deal and what the latest version of the agreement is. In a typical deal flow, each time something is completed, the Word doc will get updated and shared around again. There are daily meetings and teleconferences to check what’s been completed and what’s outstanding.

By forgetting to cc a particular person on an email, deal completion can be thrown into disarray at a later stage, leading to delays, or worse yet, risks post-deal.

When doing deals in thedocyard, you get a single source of truth. Create a checklist and assign tasks within the platform. Thedocyard will automatically update all relevant parties when tasks are completed and versions are updated, leaving nothing to human error.

3. Keep things flowing

Despite everything being theoretically agreed to at this point, there are lots of boxes to tick to get the deal done. With many different parties required to finalise their contributions to the agreement, it’s easy for bottlenecks to occur.

thedocyard’s checklists and task management improves visibility during the deal close stage, keeping things flowing. Easily see who is working on the latest version, and when their input is due. You’ll receive notifications when someone has finished their assigned task and it’s the next person’s turn to take the reins.

Greater transparency brings greater accountability and productivity. With visibility on all sides, the process is naturally driven towards completion.

4. Done with deal bibles with one click reporting

Compiling the dreaded ‘deal bible’ at the end of the process can often take weeks. The same thing can be done in minutes through thedocyard. In the same way, you can also download and save the entire deal, giving you an audit-ready record of what you need should the regulators come knocking, today, tomorrow or six years down the line.

That’s handy if, like a friend I spoke to recently in the industry, your company gets audited to discover that no one involved in the deal remains at any of the companies involved.

5. Reduce client costs

With the help of checklists, task management, document management, collaboration tools, and more, you’ll reduce the time to get through the process and the cost to your client. By providing a more efficient and smart process, you’ll be more likely to maintain that client and grow your engagement. By making things more efficient, you also have time take on new clients.

So there we have it. From a ‘black hole’ of admin and deal completion drama, thedocyard ensures closing becomes almost a non-event. In fact, you might not have to meet up to finalise everything at all, having incrementally worked your way through your deal close to-dos in a way that’s visible to all. Though if a celebratory COVIDSafe drink is top of your closing day to-do list, we’re not going to stop you.

Built by deal-makers for deal-makers, thedocyard provides workflow, compliance and productivity in one platform. Learn more about our end to end deal management platform or book an online demo with our customer success team.