Top 5 benefits of gamifying due diligence
Game on: Using scorecards, Ansarada’s platform gamifies collaboration in due diligence to drive engagement and momentum in deal preparation
By ansaradaWed Oct 30 2019Due diligence and dealmaking
To assess the state of their client’s critical business information, advisors can gamify the process using an Ansarada scorecard which covers all key business areas, i.e. Finance, Legal.
The client starts by filling in basic information about their company, and their score quickly lets them know how ready they are for the deal. Their score is a measure of completeness and quality of information that they’ve provided.
Gamifying due diligence incentivizes companies to take action, creates urgency for them to improve their score, and keeps them coming back for more.
Benefits of gamification
A challenge of the advisor role is influencing and managing your client’s behaviours, getting them to deviate from BAU to provide you with all the information you need.
Lead your client toward your desired result – a complete and thorough examination of all their critical documentation – by tapping into their competitive side. For each uploaded and verified document, they are rewarded with a boost to their score; to achieve a perfect score, they’ll need to provide everything the scorecard asks for.
2. VISIBILITY AND ACCOUNTABILITY
With a scorecard, you know exactly who is responsible for what tasks and documents, so you can get unprecedented visibility into progress. This makes it very clear who is getting their work done efficiently and who is dragging their feet.
The ability to assign tasks and drill down granularly with follow up forces accountability and ownership as items are ticked off the list, and ensures nothing slips through the cracks.
3. FRIENDLY COMPETITION
View your overall readiness score as well as the breakdown of scores for individual topic areas to get a little friendly competition happening between departments to incite urgency.
You can also benefit from the constant reminder of progress. Maybe you hit 55% in 13 days; can you get to 65% in another 3? That time gage also holds people accountable for completing their tasks.
4. MINIMAL INTERACTION
Scorecards put your clients in the driver’s seat, giving them the map to guide themselves along the process with minimal help from you required. They can see exactly where they are in the process, what they need to do, and how far they’ve still got to go.
Best practice content guides within the platform allow them to be self-sufficient, with explanations of what certain documents are and why they are critical to a successful deal outcome.
5. REACH YOUR OUTCOME FASTER
Communication can solve nearly all problems, but the back-and-forth can eat up valuable hours.
With everyone on the same page, actively contributing and pushing for the score to go up, preparation is much more streamlined and efficient, so you can reach your best outcome faster.