Whether you’re in the early stages of a potential deal or in the process of negotiating a final deal, the ability to identify the risk of a deal in an efficient, data-driven fashion can make or break sales success. Many companies rely on manual processes and act in a way that is based on intuition, which can lead to missed opportunities and costly mistakes.

Deal management involves the execution of sales workflows and setting deal parameters, including operational constraints such as customer histories, product status and team member roles. These safeguards allow teams to work according to a set procedure and eliminate internal inefficiencies.

Deal management solutions also aid businesses to track and prioritize their opportunities using central repositories. They also offer customizable deal merger and acquisition dashboards and report tools that help businesses visualize their pipelines, and track KPIs. This helps managers make better use of their resources by putting sales reps with experience on high-value deals to improve the chances of converting.

A thorough account map is an additional component of a successful deal because it helps sales reps understand the buyer’s buying signals and anticipate objections. By ensuring that all stakeholders are in contact with one another, an MAP will decrease friction and improve collaboration, helping your sales team close more deals. Additionally, through the use of price optimization algorithms deal management software can predict demand fluctuations and determine pricing elasticity to maximize profit. This allows companies to give their customers a competitive edge and to win more business.