Due Diligence Management Software

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Answer Due Diligence Questionnaires in Minutes

Due diligence software detects new questions and automatically suggests answers—so there’s no more copying and pasting old responses.


What Is Due Diligence Management Software?

What’s the secret to making due diligence questionnaires less strenuous? Preparing a clear process so your whole team can move faster and improve quality and compliance—without sweating your deadlines.

We’ll explain what due diligence software is, but first…

Due Diligence Meaning

Due diligence is the process of analyzing and mitigating business risks. Due diligence questionnaires are one way that companies assess the potential risks of participating in business with another organization.

In general, due diligence management software is used to manage the due diligence process. While it’s possible to complete these documents without software, automated due diligence software does speed up the process by 42%.

For example, if you have multiple questionnaires to complete, due diligence questionnaire software can take a first pass at the draft by auto-filling the questionnaire using your content library of pre-approved answers. Automating part (or all) of your due diligence process is an effective way to streamline operations and make the process less stressful for your team as a whole. This efficiency is possible thanks to three main features, explained below.

  • DDQ
    Content Library

    Organize due diligence answers in one place so your whole team can easily access compliant content.
  • Automate
    Your Answers

    Use response automation to suggest the correct answers—so you don’t have to keep copy-and-pasting old answers.
  • Simplify
    Team Collaboration

    Assign your team to support with repetitive due diligence tasks. (Don’t forget, this is a team sport.)

The due diligence process risks distracting your team from other business operations, so software can be useful to automate tasks that would otherwise eat up your time.

In addition to helpful automation, the platform offers a team workspace where you can collaborate on complex tasks, like the compliance review process. With Loopio, you can manage this easily through review cycles, customized for your team. Having to update your information manually can be difficult. But with due diligence management software, you can ensure that your database is always up to date with the most accurate information.

"Loopio is very easy to use. We have had various coordinators jump into the program with little training, and our management team was able to enter their responses with little support."
Katie Villalta, Director of Project Management & Business Strategy at The Nationwide Group
Katie Villalta
Director, Project Management & Business Strategy
The Nationwide Group

How Software Tackles Due Diligence Project Management

When taking on a complex document like a due diligence questionnaire, it can be easy to get caught up in the finer details. But due diligence project management is really about pulling back and looking at the project from a bird’s-eye view.

Example: Project Management Due Diligence Checklist

  • Review the document's requirements
  • Determine which subject matter experts (SMEs) should contribute
  • Book a team kickoff
  • Assign roles and responsibilities
  • Share your content plan, ensuring SMEs understand context of this deal
  • Proposal and/or Sales team complete first draft
  • SMEs fill in the blanks (second draft)
  • The Proposal and/or Sales team does a final review & proofread
  • Submit your questionnaire

For a full guide to the DDQ or RFP process, check out this guide: Map Your Ideal RFP Response Process.

Mapping clear steps, with checkpoints that can be repeated across multiple projects, is what helps scale the due diligence questionnaire process.

However, when undergoing the exercise of mapping your ideal due diligence process, be sure you’re not working in a silo. Working with other stakeholders at your organization, who can get involved in due diligence project consulting, can help you make sure the process is effective for everyone involved (not just your team). This will help you ensure that the process can be something that’s set up for the long term.

Loopio’s collaborative workspace can assist you with your due diligence project management process, making it easier for teams to share information. That way, they can remain on the same page and avoid losing sight of the bigger picture. Consistency is also crucial to achieving a successful due diligence process, and project management software enables better alignment across the board. Rather than have to track down people individually for information, you can hop onto the team workspace and see what everyone’s been discussing.

“Loopio provides a HUGE saving of time that creates a trickle-down effect for everybody on our team."
Michael Mannella, Manager of Business Development at HedgeServ
Michael Mannella
Manager of Business Development

What's Financial Due Diligence Software?

Financial due diligence software is essential for those who deal with financial due diligence. As with other types of due diligence software, it helps automate the process, auto-filling questionnaires and categorizing information for quick and easy viewing.

Your software might also enable you to create a financial due diligence checklist. Making a checklist is a good idea for any team—no matter how experienced—since the due diligence process can be complex, and maintaining compliance throughout is essential.

Loopio offers due diligence management software that helps companies save time from start to submission. Customers spend 42% less time answering questions (see below for more success statistics).

More RFP Responses
Our users have higher response rates than ever before.
Win More Business
Loopio customers close more business since using our software.
Time Savings
Our customers spend less time overall answering RFPs.

If you are still unsure about how to get started on your next financial due diligence questionnaire, consider looking for example answers from other companies, or better yet, find a real financial due diligence report sample. This can give you an idea of what things you will be saying in your own questionnaire.

Finding the right financial due diligence report format for your company will help you structure a bid that’s uniquely tailored to your business. Ideally, you’ll then transfer that template to your due diligence software for an even more streamlined process.

Loopio offers effective financial due diligence software that can help your teams collaborate on responses, even during your busiest peak periods. It makes the process easy for financial teams to find reliable, accurate information so you can submit a compliant response. The main value? Financial due diligence software saves you from working on the manual tasks associated with the process (like copy-and-pasting old answers) so you can focus on more strategic work.

The platform makes it easy for financial teams to find reliable, accurate information for a successful due diligence process. You can pre-approve answers to auto-fill questionnaires, get through responses quicker with intelligent automation, and simplify the approval process. Financial due diligence software frees you up from the manual tasks associated with traditional due diligence, allowing you to focus your efforts elsewhere.

Creating a Technology Due Diligence Report

Due diligence management software is useful for several industries, including tech. For example, if you make a technology due diligence checklist, you can manage this checklist via your software platform of choice.

This can be a good way to remind yourself of what you’ve already completed and what still needs to be done. Trying to manually keep track of all your to-do items can be challenging, but due diligence software makes it easier to stay organized. If you’re looking for ideas to get started, you might consider using a technical due diligence report sample for inspiration.

  • What's a Technology Due Diligence Report?

    Once you’ve found the information you need for your team’s preferred DDQ software, you can compile that information into a technology due diligence report.

If you’d like to learn more about how other teams create checklists for their ideal software, check out this G2 webinar.

A Business Case for Software to Help the Due Diligence Process

Due diligence management software has become an essential component of many businesses’ due diligence processes. As automation has evolved, companies have begun to see the benefits of completing their due diligence tasks using software.

For instance, with due diligence questionnaire software, you can automatically sort and organize questions based on desired criteria, as well as auto-fill responses for faster processing. Software due diligence tools do the hard work for you so that you can focus more of your time on the tasks that actually demand your attention.

If you’re just getting started with the due diligence process, a software due diligence report template can also help you construct an effective plan. Knowing what questions to ask and where to look for resources is an important part of any kind of background check. You may also want to use a due diligence software checklist to help you keep track of all your to-do items, which can be a godsend for those responsible for managing particularly complex due diligence processes.

Loopio has the best due diligence software because it combines automation with smart content management in a collaborative workspace for quickly responding to questionnaires.

Try This Template: Due Diligence Checklist for Software

There are many reasons to use a due diligence checklist. First, it can help you define your priorities. Which tasks are most important to your overall process? If nothing else, what items must you absolutely take care of to ensure proper due diligence? Second, it’s a great way to stay organized.

Needless to say, there’s a lot involved in the due diligence process, and it can be easy to make mistakes and overlook important items. A software due diligence checklist forces you to focus on the task(s) in front of you and ensure you hit all of your goals.

Getting started with the due diligence process can be challenging, and figuring out what to put on your checklist can be even more difficult. Thankfully, with a due diligence checklist template, you can get to work crafting a solid plan for your business.

Checklist for Due Diligence Software Solutions

  1. Examine your process. Make a list of the biggest pain points in your response process.
  2. Define your requirements. Use your list (above) to help you determine what your biggest needs in a software solution are.
  3. Research vendors. Learn about software providers by reviewing potential vendor’s websites, researching technology review websites, and asking for peer recommendations. Then, make your vendor shortlist.
  4. Evaluate the product. Reach out to providers on your shortlist to see the software in detail. Most companies offer short videos, webinars, one-on-one sales demonstrations, or a trial period.
  5. Get internal buy-in. Once you’ve picked your preferred vendor, get stakeholders who’ll need to approve the purchase on board (likely your sales, security, and finance teams).
  6. Implement the platform. Work with your vendor to create a plan for internal adoption. (Providers with dedicated onboarding teams can offer expert guidance on this process.)

In addition to the items above, you can include a checklist of questions, research items, contact info, and any other information that pertains to your due diligence process. With a clear process, as well as due diligence management software, you can stay on top of your tasks, create checklists, automate responses, and more, making for an all-around smoother process.

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