The initial phase entails comprehending the client's objectives, which may include factors such as growth, valuation, or financial positioning; investment banks undertake thorough research to provide pertinent information aligned with the client's goals. For instance, should a client express concerns regarding the risks associated with a new business model, the investment banker would investigate competitors and analyze the novel business model, subsequently compiling a comprehensive report for the client. The subsequent step involves employing financial tools to assess the target's financial performance, a process that has been significantly enhanced by technological advancements. Furthermore, investment bankers engage in the identification of potential risks and opportunities through an analysis of global markets, economic trends, and M&A dynamics.