I believe the best approach is to standardize the core M&A process while adapting its application to each transaction. Common governance, decision gates, Due Diligence requirements, integration templates and reporting methods provide discipline and prevent important activities from being missed.
However, the depth, pace and priorities should reflect the deal rationale, size, risk, industry and desired level of integration. For example, a full absorption requires a different approach from an acquisition where the target remains largely independent. The process should therefore provide a consistent framework without becoming a rigid checklist.