An efficient Q&A process needs to provide a smooth way in which the sell-side team can respond quickly and easily to questions raised by bidding teams, maintaining full confidentiality and traceability.
However, the sell-side teams can still push back when it comes to using the Q&A. This can be due to several factors, but most notably:
Taking these 2 points into consideration, what can be done to ensure that they use the Q&A workflow inside VDRs, considering the advantages it can bring to a deal? How can this resistance be overcome? Traditional solutions have included any combination of the below:
These solutions can be time consuming and increase overall frustration during the deal itself. It ultimately requires the data room administrator to compensate for their lack of their buy-in.
Darren Levy, the iRooms Product Manager talks about the importance of ensuring that the all parties use the Q&A to its full value during a deal.
“We need to remember, answering questions via a Q&A platform is not a day job. In many cases, they are participating as sell-side experts because of their specialist knowledge in certain areas of a business. To ensure that your project uses the Q&A to its full extent, and therefore to maximise VDR security, we as VDR providers need to understand this and create the necessary tools to facilitate it.”- Darren Levy, iRooms Product Manager
Imprima has developed a solution to counter this issue whilst maintaining full data room protection and traceability by combing tools that the user would already be comfortable with and clear instructions. Whether they are logged into the data room or not.
The result in doing so will increase the usage of the Q&A sell-side team, reducing the workload of the deal managers leading to increased efficiency and increasing the overall security of your deal.