What's new in Inova Software: October 2019
Welcome to our October newsletter! This month, we’re taking a look at a powerful and flexible feature: Reviews.
What is the review feature? Reviews are the primary way to solicit feedback and collect responses from your colleagues regarding projects you are tracking in Inova.
There are an endless number of ways to use reviews, but for this newsletter we have put together our top reviews you can start using today to simplify your work and improve compliance.
Continue reading to discover them below.
Reviews for Initial Screening through to Due Diligence
Reviews during the evaluation process help you gather feedback from your colleagues early on, ensuring that everyone is aligned from the get-go and providing an opportunity to kill uninteresting or risky projects quickly.
Preliminary Non-Confidential Evaluation
This review gathers feedback from experts, asking whether the opportunity is worth pursuing and what the next steps should be. It’s a quick way to triage opportunities and track why they were pursued, declined or being monitored.
CDA Contamination Check
Conducted prior to signing a CDA and completed by the R&D team, this review ensures that projects are not pursued if they might interfere with or put the integrity of internal R&D projects at risk.
Business Case Validation
This review asks experts whether the business case should be validated and what the next steps should be. It’s another chance to kill opportunities early on in the evaluation process.
Conflict of Interest
Launched prior to Due Diligence, this review is sent to everyone that will be involved in the evaluation. The goal is to ensure that no one participating in the evaluation has any conflicts between personal or family interests and the interests of your company. This written confirmation makes it easy to demonstrate compliance should problems arise later.
This review can occur at different times, for example before Due Diligence for people taking part in the evaluation, or before the Term Sheet for the Transaction Team. It provides written confirmation that everyone involved is aware of the legal restrictions and their obligations.
Reviews for Term Sheet through Alliance Management
Reviews after Due Diligence focus on tracking compliance or evaluating alliances. Reviews for compliance are often simple yes/no questions, which take seconds to complete but provide clear documentation. Reviews on alliances or collaborations, however, are typically longer and more qualitative, providing insights into the status and progress of your partnerships.
Request for Approval of a Document
This review commonly occurs both during the Term Sheet and Final Agreement phases. It’s a fast, easy way to document and track approval for important documents such as the term sheet or contract.
Destruction of Confidential Information
After a project has been closed (for example, because it has been declined or completed), this review enables you to confirm that all confidential information has been destroyed. The review is sent to everyone that was involved in the evaluation.
Alliance Health Check
Alliance Health Checks are reviews are sent to everyone involved in an alliance, both internally and externally, to check how the alliance is going. By comparing the results, you can evaluate whether an alliance is progressing well or needs corrective action.
These are just a few of the ways that reviews can be used! Contact your Customer Success Manager to learn more about our reviews or to implement them.