The main tool of the development strategy of the company is the information system of automation of management decisions as to the Virtual Data Room. Here is more about it.
The purpose of using a Data Room?
The question of relevance and necessity of business processes automation in modern business conditions is obvious. Its role is further strengthened in a changing market and increased competition. Of course, any software solution and its implementation is an investment for the company, so there are always doubts about the feasibility, efficiency, and reliability of certain automated systems.
However, the benefits of implementing automated systems in the activities of enterprises are obvious:
- obtaining more reliable information by minimizing the human factor;
- saving resources due to the optimization of business processes;
- increasing the efficiency of management by achieving the highest productivity of decision-making, etc.
Therefore, the question arises only in the choice of such a software solution for business process automation, which will best meet the needs of business owners and businesses. In this case, a cloud-based Virtual Data Room solution is a good alternative.
Data Room is a secure collaborative system that provides creation, distribution, and content management. The software represents a significant expansion of previous information technologies in terms of the scale of organizational effects, transparency of internal transactions, and the prevalence of technology in the work environment, complicating the adoption and development of software.
The functionality of the Virtual Data Room software
The whole structure of the Data Room consists exclusively of the flow of information encoded by digital media. Many users and legal entities take part in this network. When exchanging electronic data, counterparties must be fully confident that all information will be used as intended.
Based on this principle, we can list the following functions of the Data Room:
- security. All information available in databases must be properly protected. One of the ways to protect digital documents is an electronic digital signature, watermarks, etc;
- instant search. The most modern developers use the most powerful search engines, able to find even the most voluminous document in a matter of seconds, having only a small part of it to search;
- timely delivery of messages. Data Room has to work with huge amounts of information that can be processed simultaneously by large groups of staff, it should be noted that any information system is equipped with many utilities that can provide timely reports and notifications of certain operations;
- rational structure of existing repositories and databases. Digital archives or backup sources of information are built into almost all Data Rooms;
- scanning and full recognition of information. This is how the procedure of transforming a paper document into an electronic one takes place;
What is the best Data Room provider?
Currently, according to virtual data room comparison, the global marketplace is ruled by three Data Room giants – iDeals, Intralinks, and Dropbox. These companies are technology leaders and set trends in the development of cloud SaaS services.
So, let`s consider these Data Room providers:
- iDeals is popular cloud storage that allows users to store their data on cloud servers and share it with other users on the Internet.
- Intralinks is a reliable data warehouse for sensitive corporate data. The software can be used in different spheres including M&A deals, real estate, audits, etc.
- Dropbox is a cloud data repository that allows users to store their data on servers in the cloud and share it with other users on the Internet. Its work is based on data synchronization.