Business workflow automation in a virtual data room (VDR) is becoming a sign of a successful company interested in improving the efficiency of their business processes and hence competitiveness in general. But what real advantages does the software bring to corporate life?
Virtual data room in the company: problems and solutions
Sensitive business documents as information carriers in commercial companies play a very important role. They act as a universal management tool, provide interaction between structural units and individual employees, and are an intermediary between the organization and its customers, partners, and higher authorities. In creating, moving, processing, distributing, and storing documents, one way or another, all participants in business processes are involved – from ordinary employees to managers. Therefore, the efficiency of the entire enterprise also depends on the efficiency of the data workflows. But how to ensure secure document storage and collaboration in a modern company? In this case, the data room is the best option.
The datarooms originated in the financial industry but are now widely used in scenarios where users share sensitive information and collaborate, especially with external parties. As an indispensable tool for financial deals, mergers, legal projects, and other high-level business activities, data rooms provide a secure, private, and comprehensive working environment for doing business.
The top 5 data room benefits
So, by implementing the VDR software, the company receives the following top 5 advantages:
- Increasing labor productivity
First, it gives the so-called “automation of documents,” significantly reducing the time to search for the necessary documents and information. The VDR will allow not only to find the required file in a matter of seconds but also to do it from any company computer, regardless of whether it is located in the head office or a branch.
- Optimization of business transactions
The dataroom and automation of accounting for contracts make it possible to significantly reduce the time spent on processing and agreeing on a particular document and track all stages of the document passing through various instances. That, in case of non-compliance with deadlines or other emergencies, will allow us to solve it with minimal time losses.
- Improved communication between contractors
One of the most important advantages of the data room is the improvement of relations between departments and contractors. After all, the introduction of VDR facilitates the transfer and exchange of information between departments and makes it possible to simultaneously work with one document at once for several employees from different departments.
- Reducing the influence of the “human factor”
A well-built data room management system allows you to eliminate the so-called “human factor” errors. For example, searching for “lost” documents, correcting mistakes, including grammatical ones, and finding out the relevance of a particular document would take at least half an hour with paper workflow. With VDR, it would take only a few seconds.
- Security of corporate data
The document in the VDR has the following characteristics: reliability, safety, and security from data leakage. It is available to a narrow circle of people, transmitted through closed communication channels, and protected from forgery and loss. All actions with the document, namely its reading, making changes, and signing, are recorded in the system. Also, in the data room, direct contact with employees each other is minimized, which is also an important safety factor in a situation of social distancing.