Max graduated from the University of Michigan with a degree in Economics. Upon graduation, he completed a two year Fellowship program called Venture For America where he developed a passion for entrepreneurship. He joined the DealCloud team as an implementation analyst, and is now their lead Sales Engineer.
Most firms report on their pipeline, fundraising activity, and market coverage on a regular basis, so the concept of scheduling reports for delivery to your inbox makes sense. For firms that use Excel spreadsheets to manage everything, this might feel like an unattainable dream as the process today usually requires numerous people to update a single file, or to have someone stitch peoples updates together in time for distribution.
Other firms leverage generic CRMs, and those systems don’t make this process easy as seen here and here and here. Work arounds requiring a developer? Sounds unnecessarily overly complicated. Extra software to accomplish the most basic output out of the system? Sounds like a bait-and-switch.
DealCloud is different. Since our platform was purpose built and designed for the use of deal and relationship professionals, getting a properly formatted report emailed to you on a schedule, as an attachment, is something easily accomplished.
Next, in DealCloud, your newly designed report template is available under Tools > Template Reports where you can schedule it for delivery.
Options for delivery include individual users, entire groups, with the handy option to exclude someone from the group you selected for when you might want a regional report to go out but exclude the people in the group who are based outside of that region.
Most clients will schedule a pipeline report to be sent out Monday at 8am so that everyone at the “Monday Morning Meeting” will have the latest info automatically out of DealCloud.
So what do these reports look like? That’s completely up to you as they are designed with your reporting needs in mind using DealCloud’s Word Add-In. You do have the option of deciding if you want the report emailed to you in Word or PDF for easy to read attachments in the format of your preference.
For most firms, generating these reports means putting together an excel spreadsheet and spending time to properly sort and format the report every time it needs to be created. Why Excel? What other options do you really have?
“Garbage in, garbage out” is a saying used to describe the need to ensure clean data goes into a system so that clean data can be reported out. It even has its own wikipedia page.
The reality though is that its hard to ensure that everything going into a CRM is clean, especially when potentially dozens of people are adding data to it regularly. Things like adding contacts and companies often leads to having duplicate records, which adds to data sprawl and difficulty in reporting fully or accurately.
There are times though where Excel just won’t cut it for what you are trying to report on. Rows and Columns are great, but not for when you need to create something that incorporates specific formatting, logos, or anything else Microsoft Word handles well.
Excel is so ingrained in the daily process of the private capital markets, it would be nearly impossible to replace it as the workhorse for analysis and reporting. Many CRM systems offer the ability to export data seen on screen to Excel, but with 3 important caveats:
Dashboards – probably the most popular buzzword used by software companies to describe how simple and easy to consume data is from their platform. What’s not to like? Dashboards can roll up vital information, they can surface information you might not be aware of, and they look cool.
The problem with Dashboards in most generic CRM systems is they are incredibly limiting in what you can display. Some quick examples from widely used generic CRM: