In the matter of secure deal-making, digitalization is inevitable. More about what cloud-based Data Room management gives and which service to choose in this material.
Virtual Data Room for secure deal-making
In light of the rapidly changing environment, companies need to be prepared to optimize and transform their business processes. The introduction of a Virtual Data Room (VDR) will allow them to ensure the normal functioning of accounting processes in the conditions of modern reality with minimal costs for business.
VDRs are designed for efficient management of production, sales, procurement, cost accounting, accounting and tax accounting, and other business processes inherent in a modern enterprise. The introduction of such a system is in demand in cases where it is important to centralize management functions, as well as quickly obtain information for making management decisions and generating reports. Properly organized access will help managers quickly navigate any situation.
With the increase in the number of contracts to a thousand per year or more, organizations are faced with an urgent need to:
- control the expediency of concluding contracts and the validity of the choice of counterparties;
- to optimize the lists of persons approving contracts, with the aim, on the one hand, to minimize the risks of errors in their conclusion and, on the other, to reduce the time for approvals;
- create procedures to ensure the fastest possible agreement of contracts;
- form a dossier of contracts (or contractors) using a variety of sources to minimize risks;
- organize online access to the dossier of the contract (or contractor) for all interested parties, including in a geographically distributed company;
- control the execution of contracts, including the fulfillment of financial obligations.
To meet these challenges, companies strive to automate all business operations via using dataroom software. This tool is used for mergers and acquisitions, auditing, and other projects where the most secure environment for the transfer of confidential information is important. Data Room offers a comprehensive approach to managing interactions between an organization and its customers
Data Room: how is it organized?
The client can create his Virtual Room in 15 minutes and upload all the necessary documents there. You do not need to prepare them in advance – they are immediately converted into a protected format. In the settings, you can specify who can view which documents, as well as limit the access time. You can invite other users simply by adding their email addresses to the system.
The main focus of the Data Room is safety. The information cannot be copied. In addition, the system allows you to track user activity: how many minutes they spent in any of the documents, or even how many seconds they read a specific page. In-product documents cannot be edited, but you can leave notes or comments.
There are situations when no one except the client has access to documents. We keep encrypted copies of them, and all encryption keys are kept by clients. They can turn all information into a set of zeros and ones at any time. Another example is the so-called remote shredder. After transferring the document, the client can revoke access to it at any time, after which the information will also turn into a useless set of bytes.
Besides, Data Room should be able to be quickly updated, have flexibility in the context of providing the data necessary for employees when they need it so that they can make more effective and timely decisions.