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If you’re in the initial stages of a potential deal or negotiating a final agreement, the ability to identify deal risk in a proactive, data-driven approach can make or break sales success. Unfortunately, most organizations rely on manual processes and rely on their intuition, which can result in missed opportunities or costly errors.
Deal management involves the execution of sales workflows and setting deal parameters, such as operational constraints such as customer histories, product status and the roles of team members. These safeguards allow teams to work according to the established process and eliminate internal inefficiencies.
Additionally, by using centralized repositories, deal management solutions help businesses monitor and prioritize opportunities with ease. They also provide customizable dashboards and reporting tools that allow businesses to visualize their pipelines and keep track of KPIs. This allows managers allocate resources more efficiently, such as assigning sales reps with more experience in high-value deals to increase the likelihood of conversion.
A thorough account map is a key element in a successful deal because it helps sales reps understand the buying signals of customers and anticipate objections. By ensuring that all stakeholders are in contact with one another, an MAP will reduce friction and improve collaboration, assisting your sales team to close more deals. Deal management software can also predict fluctuations in demand, and determine pricing elasticities to maximize profits, by using price optimization algorithms. This helps businesses provide competitive advantages to their customers and also win more deals.