Virtual data room is designed to automate company processes related to the introduction, accounting, storage, and access to documentation in electronic form. In this article, we will argue why this software is considered the best business assistant.
Virtual data room – a new format for your business deals
The advent of the computer age allowed for attempts to improve business processes. Initially, attention was focused on organizational resource planning. Business process management began to be applied in such areas as logistics, procurement, accounting, then it affected sales automation and marketing.
In the future, automation of managing relationships with suppliers and customers began to be introduced. Now you can see the active introduction of business process management and computer systems that allow you to automate deal management. In this case, virtual data rooms are widely used. These are secure solutions for sharing and storing documents related to legal due diligence, mergers and acquisitions (M&A), IPOs, bankruptcies, and other information-sensitive applications.
Data room is a system developed based on the SaaS model designed to automate all operational processes for working with documents at the stages of their creation and approval. The software allows you to flexibly configure document routes that correspond to the organization’s business processes.
According to datarooms.com.br, digital data room enables the following features:
- a quick search for documents, instructions, and other information;
- streamlining arrays of documents that require familiarization, sighting and signing, the imposition of resolutions, control over execution, etc., by distributing them into special folders within the office;
- unification of processes of work with documents in the organization;
- extensive opportunities to restrict employees’ access to documents, which ensures the convenience and security of working with confidential information;
- a significant reduction in the time for approval and passage of documents and, as a result, a significant acceleration of the process of making the most important management decisions;
- receipt of consolidated analytical reports, including on the performing discipline;
- specialized mobile solutions with an adapted interface;
- simultaneous access of many users to archival documents in electronic form;
- quick and convenient registration of documents using an extensive system of various directories.
Why do modern companies choose data rooms?
Data room solution provides many benefits for managing business transactions. They are:
- Transparency of all stages of a business deal. Each document, task, or process is recorded in the electronic document management system, accompanied by accounting and registration information, which simplifies the control of deadlines, monitoring, analytics, planning.
- Increasing the responsibility of employees. Thanks to the system of messages in the system, employees simply will not be able to forget about any task and accounting for working time and labor costs will allow management to more effectively plan the distribution of tasks among employees
- Ease of working with electronic documents. The data room provides the delimitation of access rights, automatic download from the catalog, full cycle of contractual accounting, scanning, recognition for full-text search, use of templates, editing, and version control.
- Reducing time for document transactions. The manager and employees of the enterprise are much faster to cope with such daily actions on documents as creation, search, coordination, approval, sending, checking, etc.
- It provides a high degree of safety and security for documents. The latter, after being converted into electronic form, receive reliable protection against damage, destruction, or loss – both through negligence and with malicious intent. The data room includes a data backup system that minimizes the impact of force majeure — for example, it prevents damage or loss of documents in the event of a hardware or software failure.
