How to ensure the safety and availability of documents and quickly process and distribute them? To achieve this goal, a virtual data room solution was developed. Let’s see how it facilitates the work of different groups of company employees and evaluate its role in business processes.
Digital data room: where to use?
Today it is already impossible to meet a single relatively large enterprise in which electronic document management in one form or another would not be implemented. A large flow of incoming and outgoing documents is impossible to track and regulate with high quality even by a large team of professionals. Therefore, the development and implementation of virtual data rooms (VDRs) have become a significant and very effective step in the business area.
VDRs are designed to manage documents in a semi-automatic mode. They automate 90% of the routine processes associated with filling out, processing, and exchanging documents within the company and with contractors. It saves time and eliminates the inconsistency between important data placed in several documents at the same time. The primary users of such systems are large organizations, enterprises, banks, and all other structures whose activities are accompanied by a large volume of created, processed, and stored documents.
The basic functions of the data room solutions are:
- control over the receipt of the document and the execution of the instructions contained in it;
- keeping journals, classifiers;
- creation, transfer, storage of electronic documents;
- digitization of paper documents;
- automatic registration of incoming documentation;
- coordination of documents;
- meeting management;
- database of contracts and verification of counterparties;
- creating a document card with its attributes;
- formation of documents based on ready-made templates with specified attributes;
- search for documents in a centralized database;
- document routing;
- efficient collaboration with contracts;
- generating reports on the execution and movement of documents.
So, VDR providers aren’t just crucial for the storage they provide to businesses. More data rooms here also serve as platforms on which business transactions and collaborations occur without fear of eavesdropping or costs associated with such interactions.
Why do businesses choose data rooms?
According to Forrester Research, 38% of Fortune 500 companies believe that purchasing a modern VDR is critical to the success of their business. Data room document management has undeniable advantages for any business:
- Organizing office work – the system will not allow assigning the same number to different documents since this will happen in order and automatically;
- Tracking the position of each document – at any time, you can find out exactly who is working with the document. The employee will not be able to spoil or lose it. A document deleted accidentally or on purpose can still be restored;
- Speeding up the processing of documents – if the company’s departments are scattered across several buildings, then a paper document must be personally carried there for approval. With VDR, the necessary document reaches the employee in a fraction of a second;
- Convenient work with versions – the system saves each version when editing. If necessary, you can track who and when made changes to the document;
- Round-the-clock remote access – if necessary, access to the VDR system can be organized via the Internet from any computer in the world. An employee can work with documents while on a business trip, on vacation, or sick leave;
- Work scheduling – by specifying the creation date and due date, you can plan the execution of incoming documents according to the queue;
- Search for documents – you can search in the general database of documents by keywords and expressions.
