Nowadays, any organization faces tasks related to official reporting and operational work with information: access, control, and planning. The larger the organization, the more it needs tools for convenient work with sensitive data. So, what are the data room’s basic features for efficient deal management?
The mechanisms of the data room functionality
The introduction of the deal management information systems like a virtual data room involves the automation of the management of intellectual assets and business processes of an enterprise, which determines the success of its activities. Data rooms represent new opportunities for enterprise deal management. They are associated with creating, disseminating, and searching for the knowledge created in various company functional divisions at different stages of the life cycle of products and services.
Modern data room vendors provide a secure digital corporate infrastructure for creating, collaborating on, and publishing documents, generally available to all users in an organization. The main features of these systems are similar to systems focused on business processes. However, a distinctive feature is the way it is used and distributed. Tools such as word processors and spreadsheets are the standard “default application” for creating and publishing documents in an organization.
The top 7 features of the reliable and efficient data room
There are 7 valuable points that can determine how efficient a certain data room provider is:
- Standardization of data management
A registration and control card is formed for each document, in which information about a certain file is entered. The system can register documents created directly in it and those imported from outside. The advantages of the data room software are the possibility of registering an electronic document and performing all its related operations in parallel. Moreover, the responsible officer can more easily monitor their execution, and searching for a particular file is much simpler.
- Notification system
The notification mechanism allows you to configure automatic notification of a selected group of users about a new document – a project registered in the program. Having received the document for approval, the user, depending on the access rights he has, can make changes to the draft document itself, express his thoughts and comments in the comments or the form for free discussion, approve the draft or indicate the need for its revision.
- Robust security policy
Documents are not stored in the file system but in the database, which guarantees their integrity and control of user access to them. Furthermore, built-in means of cryptographic information protection ensure the integrity of the files of the current versions of documents at the stage of their approval, signing, and familiarization.
- Reliable data storage
The data room allows companies to archive documents. After processing, the signed documents are archived. As a result, they cannot be edited, read, or deleted. The archive administration workstation allows you to configure the modes of archiving and restoring documents and set access rights to archives.
- Single database
All employees work in a single secure environment with documents, tasks, assignments, archives, and budgets and plan work with contractors. Signings and approvals are made with a certified electronic signature.
- Reporting system
Reports are an important part of the contract management system. Another plus is receiving the most reliable and complete analytical information regarding the volume of processed documentation, the time spent by each performer, etc.
- Tracking relationships with contractors
One of the tasks solved by the electronic document management system is to increase the efficiency of the company’s communication with counterparties and regulatory authorities. The data room stores correspondence with counterparties and all related information.