Real deals still need real people in an AI era

Technology is a key enabler for creating value, but to close a deal, you still need real people

Everyone’s talking about AI as if it will soon run M&A deals on autopilot. But Alexander Veithen has spent more than two decades inside real transaction rooms at BDO Belgium, and he says that technology has a tremendous impact on deal-making, except for one element: the handshake between two people who are convinced they have done the best deal.
 
Not long ago, due diligence meant sifting through files by hand and hoping nothing critical slipped through unnoticed. Now, as Alexander Veithen explains, “the capability of technology to digest data is virtually unlimited.” Teams can run deep analytics on accounting data to isolate the products driving sales and margin growth. And if you combine this analysis by scraping thousands of online reviews, you can get a strong brand assessment instantly, without having conducted a single customer interview.

“M&A teams are already seeing how much more they can achieve: faster insights, broader analysis, and the ability to surface value-creation opportunities that would have been invisible just a few years ago”, he says.

This kind of insight is now routine. “Not relying on data and technology increases the risk of doing unsuccessful deals, Alexander adds. “Technology excels at spotting patterns across vast datasets, revealing trends in buying behaviour or operational risk that might be missed by human eyes alone, and helps specialists focus quickly on areas most likely to create value or pose challenges during integration planning.”

But relying exclusively on data and technology is clearly a danger as well. As algorithms get faster, data richer, and AI starts generating complex reports and analyses, Alexander argues that critical assessment of these outputs remains crucial. “The key is making sure these new tools support sound decision-making rather than replace it entirely,” he advises.

While automation handles much of the heavy lifting behind the scenes, teams must stay actively involved and question findings where needed to ensure conclusions make sense for each unique deal context.

Industry expertise combined with tech-savvy is the new differentiator

Asking for datasets to understand the actual performance driver of the target you’re hoping to acquire requires profound industry knowledge. Furthermore, how comprehensively the target can respond to the requested datasets is already a strong performance indicator. “Data is the new oil, and if the datasets received are of poor quality, become incoherent over time, or do not provide clear insights on the underlying value drivers, the investor should already reconsider the purchase price, and potentially the transaction itself”, Alexander cautions. “The best managed companies are those with strong data governance and data management.”

Successful businesses are very often built on a strong technological platform that enables automation, faster information exchange, and optimised decision-making. For this reason, digital due diligence has become just as important as commercial and financial due diligence – if not more.

“From early in every deal we look at the target’s digital environment, because businesses aren’t just bricks-and-mortar anymore”, says BDO’s Dave Vanhaute, who brings years of technological expertise to the M&A space. Because of this, technical validation often comes before financial analysis now; if there is a hidden flaw in software or legacy systems, it could cost millions to fix later, or it may kill a deal before traditional diligence even gets going.

He has seen deals abandoned in the very first week due to issues like critical source code being built on insecure platforms or legacy systems so outdated that fixing them would cost more than the acquisition itself. “If you discover source code tied up in risky places like the dark web, or if resolving technical debt would wipe out any value in the deal, you simply have to walk away”, Dave notes.

In this modern M&A landscape, teams need more than just financial modellers and lawyers. Alongside these traditional roles, Dave leads BDO’s Strategy, Growth & Innovation practice, where they combine industry knowledge with product and tech knowledge, recognising these elements as the foundation of a sound strategy to ensure growth fuelled by innovation.

Alexander Veithen (left) & Dave Vanhaute (right)Alexander Veithen (left) & Dave Vanhaute (right)

Trust and creativity remain exclusively human

For all its power, technology cannot replace trust built between real people across negotiating tables, nor can algorithms replicate the creativity needed when deals take unexpected turns.

“Technology enables us, but ultimately, M&A negotiations are about finding common ground between two parties, which requires a high EQ, because you have to ask open questions and understand the position of the other party”, Alexander says.

Dave adds that reading non-verbal cues is increasingly important and something machines cannot do well, no matter how advanced they become.

Trust operates both between deal parties (will commitments be honoured? Is information reliable?) as well as in tech itself (can we really rely on this output?). 

We're not yet at a point where we fully trust AI, but every year brings progress towards smarter collaboration between humans and systems rather than simple replacement one way or another;

Creativity also remains essential, especially when standard structures don't fit. "When making a deal, you need to understand the gap between the positions of both parties and where you need to be creative or think out of the normal boxes to find common ground without making it more complex and taking undue risks”, he adds. “That’s something so interactive that you cannot model it.”

"AI is based on a high probability of a given pattern. Therefore, humans are still the ones solving problems we've never seen before", Alexander notes.

Moving faster means competing smarter too 

Today’s leading firms use advanced analytics not only for speed, but also for smarter targeting, smoother integration planning, and stress-testing various scenarios ahead of time. However, their competitive advantage still comes from acting decisively on those insights.

To do this, M&A teams of the future will need:

  • Deep industry expertise: The days of generalist advisers are ending. Success requires understanding not just financial mechanics but where specific industries are heading and what actually drives value. 
  • Diverse team compositions: Bring cybersecurity experts, supply chain specialists, and technology validators into early-stage deal evaluation; not as afterthoughts but as core decision-makers. 
  • Critical thinking discipline: As Alexander warns, avoid becoming "blind" to what machines actually do. Preserve human oversight and scepticism at every step. 
  • Curiosity at every level: Fresh perspectives spot opportunities that experience might miss. 

Most importantly, though, is recognising that building trust remains non-negotiable. Technology can identify targets and analyse data faster than ever, but relationships still close deals.  

Alexander summarises the conversation in one conclusion: “You still need two people to sign off a deal…”  

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