In the era of digital business transformation, entrepreneurs are increasingly paying attention to document management automation. Here is about Data Room as an alternative solution.
Data Room – a secure place for distributing corporate documents
Corporate document management is a set of processes of creation, processing, approval, sending, receiving, as well as storage of electronic documents, which is carried out in the digital format. Global statistics show that the transition to the electronic exchange of documents between contractors saves about 2% of the company’s turnover by reducing the cost of paper, mail, maintenance of office equipment, archives, and salaries. And after the restructuring of the business processes of the enterprise, there is a transparency of electronic document management and controllability of operations.
Document flow is not an isolated technological chain in the organization’s business process. Document flow is closely integrated with other subtasks solved by the organization’s information system. Thus, the document management system must provide application interfaces that allow embedding the functions of transferring and storing documents into application systems operating in organizations in which it is being implemented. For this purpose, Virtual Data Room (VDR) is used.
Digital Data Room is a document flow automation system for enterprises in various fields of activity. The system provides ample opportunities for managing corporate documents and business processes, while employees of the enterprise can work with the system from anywhere in the world via the Internet. Data Room allows not only to organize electronic document flow but also to establish processes, ensure control over the execution of tasks, regulate management activities and increase its efficiency.
Advantages of using Data Room for document management for business
In the era of total digitalization, the advantages of electronic document management via Data Room are obvious. Signing and sending documents electronically is much faster than paper, and minimizes the number of contacts between employees. Other benefits include:
- Reduce the time to work with documents. When creating a single database, employees will spend less time searching for the necessary files. Backups are also created to provide fast file recovery in the event of loss of paper or electronic originals.
- Rational use of technology and physical environment. You no longer need to clutter your office with paper documents, servers, and other devices that have been associated with paper documents.
- Transparent management and operation of the company’s internal processes. The internal document management system helps managers monitor the status of creating and editing files at different stages of reconciliation. In this way, the team can meet the established norms within the company. EDO also lets you know who created the document and who used it.
- Enter file history. The company centrally monitors all changes in communication with suppliers and customers. Employees quickly find the right files with the requirements, which are discussed between
- High level of data protection. The company will have backups of data that can replace the originals in case they are lost or damaged.
- The company spends less on printing, envelopes, postage stamps, shipping. Now the whole process of document exchange becomes electronic, and unnecessary actions are eliminated.
The best Data Room providers for corporate document exchange
As for virtual data room comparison in the field of distributing corporate documents, almost all well-known software providers work based on SharePoint. Among the most preferred providers there are:
- Ideals
- SecureDocs
- Intralinks
- Firmroom
- Merill
These Data Rooms simplify data retrieval and create an environment for processing company files, save time for the creation and registration of documents, improving the efficiency of employees.