New technologies have penetrated almost all areas of business. The transition of all company data in one secure storage is one of the easiest ways to start a digital business transformation.
Why do you need a Digital Data Room?
Virtual Data Room is a secure place designed for the exchange of electronic documents between contractors via encrypted communication channels. Such a system operates legally, therefore the documents are legally significant.
Data Room electronic document management systems significantly increase the speed of document processing. There is no need to print, scan, send documents, wait for the client to sign, and send them back. This software is designed for the corporate sector. It has subtler settings: you can set the route of documents, distribute user roles and define departments within a single corporate system, each of which will have its document flow.
What are the peculiarities of Data Room functionality?
The contemporary marketplace is represented by a wide range of Data Room solutions. Bur how to choose the most suitable for you? In this case, analyzing software functionality is the best variant. According to Virtual Data Room reviews, the list of most common features for the powerful service includes:
External Data Room systems, for the most part, are web solutions that allow you to sign documents anywhere, anytime, and on any device. For obvious reasons, this is especially important now. No more scrolling through stacks of paper to find the document you want – just open it with the click of a button. In just a few seconds you will be able to edit it or send it to the required employee or counterparty.
- Reduced costs
Compared to Physical Data Room workflow, the use of electronic documents is more cost-effective. You save on paper, printing, supplies, and shipping. Not to mention the fact that keeping a paper archive is also expensive. Of course, obtaining a license for software for electronic document management requires a certain cost. However, they are negligible compared to the old-fashioned paper-based method.
- Increased productivity
The time you save with the help of Data Room software makes the work of the entire office more productive, allows you to close more deals, get rid of routine, and focus on more important tasks. You automate your workflow and minimize repetitive tasks. For example, if you use the same documents every day, the template creation feature will come in handy. In many Data Rooms, the function of batch work with many documents is implemented. It is possible to automate not only the workflow with contractors. For large organizations with a large number of employees and a complex hierarchy, an internal workflow system can be a real salvation.
- High-security standards
The introduction of electronic document management increases security, thanks to reliable encryption algorithms for digital signatures. No third parties will be able to sign the document for you. In addition, if the system has the differentiation of access rights, the document will not fall into the wrong hands or another department. It will be seen only by those who need to see it.
- Improving customer experience
No one would argue that customer experience is the most important factor in business success. And, obviously, your customers will be happy if your interaction with them becomes easier and more efficient. Data Room saves customers time. It’s also worth noting that when a counterparty receives a document from you, it won’t cost him a dime to sign and send it back to you.