Deal tracking software is a tool that helps you monitor your sales leads and track the progress of each one. It also helps you analyze the performance of your team and identify areas of improvement. It also helps you organize and prioritize each lead to help you close more deals quicker.

If you wander into any sales person’s office there is a good chance you will see them working on a whiteboard. When a sale moves forward or backward they erase the old columns and then add new columns. This process can be long and time-consuming to keep track of.

A deal tracking software can help you move away from the outdated method of tracking and recording deals. You can manage and design pipelines and workflows to track deal stages and landmarks. This solution allows you customize and automate work flows assigning tasks, as well as providing reminders. It can also be useful in focusing attention on high-priority deals that require a thorough screening in minutes rather than hours, and offering a clear view of pipeline forecasts that are based on in-line estimates.

Another benefit of using a deal management system is that it offers you an easy-to-access location to store and connect all of your data. This data includes details about the investor who is interested as well as other stakeholder. Even external experts can be consult for due diligence. Some features include the virtual data room, customized reporting tools, collaboration tools and access security.