Do more, do it faster, make it more accurate. Due diligence is already high stakes and labor intensive; add the pressures of an increasingly competitive arena and many companies are looking to technology to realize efficiencies, increase capacity for more volume, make better decisions, and free up professionals for more valuable tasks. As EDR CEO Chris Aronson put it, “Our industry is filled with opportunities for technology to be truly impactful. This isn’t threatening but will instead allow professionals to spend their time applying expertise rather than performing mundane research and struggling to connect the dots across disconnected silos.”
EDR recently reached out to current clients and prospects from retail, construction, telecommunications, energy, and commercial real estate to ask what they see as their biggest challenges in due diligence and whether they see technology as a possible solution. We pulled together highlights of their survey responses in an infographic.
Some of what you’ll learn:
- Despite the pressures, team size and budgets aren’t likely to grow
- Only 12% of companies are employing technology to meet their due diligence challenges
- Data accuracy and getting the right data quickly are top concerns
As one respondent said: “The market is moving faster than ever – and our competitors are focused on incorporating the latest technology. We have to keep pace in order to prevent losing market share.”
See the results of the survey here.