To cope with the growing complexity of alliances and partnerships, organizations are increasingly using software to improve their technology due diligence management. Although due diligence originally encompassed only the kinds of corporate reviews that were triggered by mergers and acquisition efforts, it now also includes the focused management required for vetting product ideas, potential partners, in/out-licensing opportunities and more. Ideally, due diligence is used to determine existing issues and implications as well as to assess the stability and validity of technology, before any deals are signed or agreements made.
Every technology acquisition, licensing or partnering project is unique, requiring program managers to navigate hierarchies of information, detailed to do lists and libraries of files. Combing through and negotiating issues related to intellectual assets alone requires rigorous attention to execution. Failure to thoroughly examine new proposals can lead to disastrous acquisitions or to years spent in court trying to untangle legal issues. Due diligence software helps avoid these issues by creating a framework for transition plans. The best software has easily adaptable templates to guide and expedite the entire process and provides reports that are both concise and informative.
Deploying technology due diligence software
The Inova Software suite provides all the workflows, tracking and project management capabilities necessary to manage your technology due diligence. Inova facilitates the technology due diligence process by making it easy for users to push all relevant intelligence such as emails, documents, expert opinions, confidentiality agreements, contact details and relationship history into a central, secure workspace. Thanks to pre-configured deal profiles, users can quickly include the relevant forms and embed the business nature and process logic according to the profile of the particular transaction. In addition to the forms used for data entry, the workspace is populated with specific tools that reflect the unique nature of each transaction. With our end-to-end software, users can follow opportunities from lead input to deal conclusion and into relationship management, providing incredible detail and insight into each project.
Better information for better decision-making
Using due diligence software for technology streamlines and synchronizes the entire process, ensuring that steps aren’t missed and information isn’t lost. Further, with clear deal flow, you can ensure that all agreements and transactions are handled properly and given appropriate vetting before deal conclusion.
A well-conducted due diligence process enables a fuller understanding of your investments, including both the strong and weak aspects. When all of this information is kept in a central repository, a corporate memory develops despite whatever changes occur in management or personnel. Additionally, this central repository gives project managers, who are under tough time constraints, quick access to any and all relevant information, reducing the time needed to make decisions yet improving the quality of the decisions made.
With the better information and deeper understanding of investments that comes from thorough software due diligence, you can make the best decisions regarding technology acquisitions, licensing and project proposals.