Corporate development is the process of discovering and utilizing opportunities in business with the goal of increasing sales. It could involve anything from acquiring competitors to collaborating with other companies in joint ventures. This is usually outside the traditional accounting/finance department or logistics/supply chains, controlling/human resource.
Corporate development departments should have excellent interpersonal and business model skills. They should be able to quickly and effectively assess a potential deal or project and make informed decisions. The corporate development team must be able to effectively communicate with other departments within the company and work with other departments.
The main goal of corporate development is to grow the company through mergers and acquisitions (M&A). The M&A process is usually complex and requires extensive research and analysis. The corporate development team has to be able to recognize the right companies and determine whether the deal is a fit.
There are a variety of ways to structure the corporate development team that range from a central unit or a model in which the business selects the right members for each situation. The team is typically comprised up of finance and business professionals. Being able to mix abilities and experiences is essential as it allows for effective source of deals that are in line with the business's goals for growth.
The most successful corporate development executives have experience in business or financial management because they need to understand and align the strategic, technical and product goals with the financial objectives of the company. This can be difficult for those who have an experience in marketing, but it's an essential skill when it comes M&As.
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