What Exactly Does a Data Room Do?

Modern companies have switched to full computerization, and no one is surprised that 100% of documents are created in electronic format. This article will consider the role of a virtual data room for managing business data online.

Virtual data room concept

One of the most popular modern areas of enterprise automation is creating electronic data management systems like a virtual data room. The software refers to the movement of documents between employees and contractors and, often, the implementation of various business processes for the interaction of employees. In addition, the management of orders and control of performance discipline are also referred to as the data room software.

The digital data room contains all the necessary functionality for secure storage, access, easy search, and viewing of electronic documents of various formats already in the basic version. If necessary, the platform is scaled, new functionality is added to the system, separate search cards are developed, and business process routing is introduced. So, a virtual data room is a comprehensive approach. It focuses not on performers or tasks but on business processes from start to finish and on the interaction of enterprise processes to increase their effectiveness. Therefore, it is important to understand that the data room is not only about identifying and organizing but also about continuously improving processes.

Modern data room developers, who have survived the intense competition, present serious time-tested solutions to the market. They have serious analysts and a large customer base. In such an environment, weak non-viable products are unlikely to appear. And surely the consumers of these solutions will benefit from them. So, among the most popular data room solution are:

  • DealRoom
  • Datasite
  • Intralinks
  • Ansarada
  • Onehub
  • SecureDocs
  • Digify
  • Firmex.

Although the data room infrastructure may seem complex, expensive, and of little business value, it is essential to comply with regulations, protect corporate information, and protect intellectual property. As businesses create more and more electronic data, the importance of storing and protecting it grows. The introduction of this software solution will allow meeting the requirements of regulatory authorities, which are also constantly increasing.

How does the platform work?

For progressive companies working with the data room software, there is a great opportunity to simplify all office work and concentrate only on important business processes. So, the virtual data room performs the following tasks:

  • ensure management efficiency, which is achieved by automatic control over the implementation and transparency of all company activities;
  • support all quality control systems; in addition, it must also support the accumulation, management, and access to data;
  • provide personnel flexibility, which is achieved by the greater formalization of the activities of each employee of the company, and ensure the storage of the entire background of the employees’ activities;
  • completely eliminate any paper documents that are in the internal circulation of the company;
  • enable savings to the company’s resources, achieved by reducing the cost of storing and managing the flow of paper documents;
  • ready-made search forms contain the necessary attributes of documents and directories that are synchronized with the company’s accounting systems;
  • allows you to create collections of documents in various sections quickly: by counterparty, amount, date, business transaction, by client and service rendered, etc.

The data room system allows you to organize the storage of accumulated documents of departments in the shortest possible time, optimize the processing of the flow of incoming documents and migrate the file-server storage. Furthermore, thanks to the introduction of a universal electronic archive, you get a high-performance and secure system for managing scanned copies and electronic documents of any format: TIFF, JPEG, PDF, XML, video/audio, etc.

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