The world’s top mergers advisor, Goldman Sachs (GS) is now using drone technology to give its clients a bird’s-eye view of the companies they are bidding on. Commercial-grade drones have been used to conduct virtual tours of everything from shipping ports and railroads to chemical factories after the current pandemic made physical visits unsafe.
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Feldgoisethe firm’s global co-head of mergers and acquisitions said that they have been selling asset-based businesses all over the world using drones for site visits and fly-overs which gives buyers confidence and chance to see the business virtually what they are buying.
This is the latest example how the current global pandemic is changing our life and now we have to rely on new and latest innovations to do the business rather than using old school techniques which are not practical in the current situation. Due to pandemicend-to-end meetings and frequent travel is not possible. Now deals are being done almost on screens using different tools as teleconferencing apps, zoom, Microsoft Teams, Blue Jeans and many more. As a substitute for in-person site tours, drones are being used for recorded videos or live sessions.
According to a Feldgoise, Goldman Sachs (GS) has done 95% transactions without any face-to-face interaction.Goldman is not the only company using drones. Other companies such as JPMorgan Chaseare also using drone technology in deals. SPI Lightingmade a two-minute sizzle reel that began with an aerial view of the 130,000 square foot headquarters, gliding across the firm’s factory floor and warehouse.
A veteran TKO bankerErik Eidem said that there are proven benefits of drone technology in business and people are happy about it because they are getting a better sense of the business early on.
Goldman is the top-ranked advisor by deal count and transaction value, followed by Morgan Stanley, JPMorgan and Bank of America.Due to using the latest technology, bankers at Goldman and elsewhere are working with twice as many bidders in later stages, increasing the odds of a successful match, as compared to the past.
The remote technology will remain here even after the pandemic and according to Bill Gates half of all business travel probably wouldn’t return after the pandemic is over.