By Merlin Piscitelli – CRO, EMEA at Datasite

The pace of digital transformation across M&A has never been faster, fueling an insatiable appetite for innovation and investment, leading to record-breaking global M&A activity. In the last year alone, many in the sector have recast themselves as more tech-centric institutions, with most recognizing just how tools, such as AI, can help firms unlock the vast potential in areas such as redaction, contract analysis, and due diligence. Knowing where best to adopt and integrate specialist technology is a critical step towards gaining a competitive edge in today’s market.

Digitization has played a huge role in M&A activity today. Through our platform alone, the volume of new projects or deals at their inception, are up 41% through August this year, compared to last year. With the outlook for the second half of the year remaining positive, dealmakers are already exploring how greater adoption of tech can improve performance and streamline the M&A process.

Technological solutions include virtual data rooms (VDRs) which can streamline masses of documents and offer due diligence solutions. Thanks to the rise of cloud computing, they also enable 24/7 access to crucial deal documents from anywhere in the world, thereby expediting the M&A process and enabling collaboration. AI and machine learning can help M&A teams to rapidly digest and standardize large data sets, with the processing power to evaluate multiple potential scenarios at speed. Teams can then distinguish more sources of value from the transactions they execute, while predicting more accurately the value to be achieved.

Whilst it may seem logical, to integrate tech into every aspect of the M&A process – it’s important to note that technology is not a substitute for people but rather a tool that can help get deals done quickly and efficiently and often at a lower cost. Deal making requires several soft skills including people, connections, collaboration, sentiment and confidence to perform in areas of strategy, negotiation and deal preparation. The right balance between digital and human interaction, particularly when it comes to customer service, is arguably one of the most important areas to strike. If the past year has taught us anything, it’s that meeting the evolving needs of customers is paramount to maintaining and building trust in the dealmaking process.

Deep personalization

A key starting point for any firm is to assess whether their customer service experience is human, personalized and relevant vs. vague and devoid of interest. In the same way no two deals are the same, nor are two dealmakers. With so many firms seeking out ways to have a distinct edge in the M&A process, dealmakers have grown to seek out a more bespoke and seamless customer service. Relationship-building and anticipating needs from the get-go goes a long way in creating an environment of credibility, trust and reliability.

There is a great deal of conversation about technology replacing humans in M&A, when really it is a question of enhancing humans’ role in the process. Each deal has diverse needs and one policy or approach cannot be universally applied with success to all scenarios. Forward-thinking SaaS platforms will utilize data and automation, alongside intelligence across every interaction, which enables dealmakers to fine-tune processes to their individual requirements.

Tech solutions leading the way in the field will ensure that their onboarding process alongside their platform configuration is highly customizable. Dealmakers today, rightly so, deserve access to an adaptable interface that changes in accordance with their needs in real-time. When serving dealmakers across a variety of regions, needs will differ, particularly in terms of language and in-house staffing.

24/7 customer attention

Recent technological innovation on dealmaking platforms promise vast improvement when it comes to delivering dealmakers 24/7 support from start to finish. In almost every instance, dealmakers seek out information and services via digital means. Recent data has shown that most M&A teams opt for self-service outlets via a QR code, chatbot, or alternative methods. With the pandemic only accelerating this trend, the need to deliver service when and where dealmakers need it, is the right way forward.

M&A platforms need to be constantly working towards simplifying the M&A process by making sure there is as much personalization available to the dealmakers throughout the process as possible. By guiding dealmakers through the various stages using increased and constant support from customer service specialists, platforms like Datasite can adjust their services to benefit dealmakers at a moment’s notice, refining the digital M&A procedure.

Speed and expertise to achieve the M&A goal

Perhaps in no other sector does the old adage – ‘when time is money’ – fit quite like M&A. The vast demands of the dealmaking process make it especially critical for hyperresponsiveness whilst receiving support. Although certain aspects of the M&A process can be fast-tracked and made more efficient with the right tools, the human element in the deal making process should not be overlooked. Personal interactions can provide benefits that technology cannot duplicate, for example in-person negotiations allow parties to develop trust and confidence in each other.

With hybrid working on the rise and varying restrictions set to continue to be a part of life for the foreseeable future, the need to level up customer support is even more important. Product support and service teams are being upgraded, with multilingual specialists now available across different time-zones. The cross-collaboration and 24/7/365 nature of customer service can support a banker based in New York for example, who is working on a deal involving parties in London, Madrid, and Mexico City. This is in addition to the expertise available to ensure every step throughout the deal is driven successfully and seamlessly.

Hybrid customer service

No matter what side of the table you’re on, whether the deal is on the buy- or sell-side, superior customer service is paramount to successful outcomes. Technology can play a significant role in the delivery of customer support, particularly when it comes to delivering at speed. Yet, it cannot be understated just how much a dealmaker’s experience is elevated by human interaction throughout the M&A journey. That’s why implementing an omni-channel, knowledge enriched, and personalized approach will enable dealmakers to gain far more value in the M&A process.

Datasite is a leading SaaS provider for the M&A industry, empowering dealmakers around the world with the digital tools they need to succeed across the entire deal lifecycle.