Today organizations prefer implementing Virtual Data Room to improve the productivity of working time, minimize the cost of manual processing of documents, and organize business collaboration.
Data Room – a perfect alternative for business collaboration
The use of paper documents has long been ineffective. The complex process of data searching, transferring to counterparties, etc., leads to a decrease in the pace of work, and as a result to a loss of income. Electronic document flow provided by the Data Room, in turn, contributes to the acceleration of all operations related to documents.
Data Room collaboration tool enables information to be shared by providing an online or intranet-based environment for virtual teamwork. Collaboration software enables more efficient management of document libraries and versions, ongoing projects, report processing, discussion groups, calendar sharing, searches in the knowledge base, workflow, and task management. Collaboration tools often provide integrations for a variety of real-time communication tools, including video or voice conferencing, email, and instant messaging.
Virtual Data Room is a cloud computing model where data is stored on the Internet with a cloud computing provider that provides and manages data storage as a service. Data storage is available on-demand in the required amount, is billed on a pay-as-you-go basis, and eliminates the need to purchase and manage your storage infrastructure. This provides flexibility, global scalability, and reliability. Data is available anytime, and anywhere.
What are the benefits?
The Data Room electronic document management and collaboration system are designed for comprehensive automation of the entire document circulation cycle, the teamwork of employees, and the business processes of an enterprise. Suitable for all business sectors and can be used by both small businesses and large geographically distributed organizations. The software provides comprehensive management of business processes and documents of an enterprise and has unlimited possibilities of adaptation to customer requirements.
Using the Data Room platform as a collaborative tool in the business sphere provides the following advantages:
- Access files from any device, be it a computer or a smartphone.
- Collaboration of companies and users with documents and files.
- The likelihood of losing files due to hardware failures is reduced to zero.
- You only pay for a specific amount of space.
- High protection of your files and the creation of backup companies by the provider. You don’t have to do anything.
- Confidentiality implies access to documents is strictly limited, users perform only those actions that correspond to access rights.
- Secure web access for employees to the corporate file archive – both from the outside (if necessary) and from inside the corporate LAN.
- Competitiveness as by accelerating all processes, the company works faster and better with clients.
The flexibility of the Data Room management system at the enterprise
Data rooms allow you to set up flexible document approval schemes, starting with standard approval and ending with returning the document to the previous level for revision. The versioning of the document is also preserved, which allows you to view the original version of the document or a version at one of the stages of approval.
After agreement by all participants in the electronic document flow in the organization, the document is approved at the last stage. The decision-maker (mainly the director) approves the document by pressing a button, after which none of the participants in the process, except for the decision-maker himself, can change it. If necessary, an electronic document can be digitally signed and printed for the client. After passing through the life cycle, the document is sent to the electronic archive of the file storage.