In modern business, it is very difficult to imagine a company that would not try to automate work processes as much as possible. In this article, we will analyze the necessity of using data room software for the automation of a company`s deal management.

The purpose of using virtual data room

According to Forrester Research, 38% of Fortune 500 companies believe that implementing a modern virtual data room is critical to the success of their business.

The main source of information in any organization is the documents that are created and exist as part of business processes. Content appears at different stages of work: at the beginning (agreement of a contract, application for a vacation) or the end (issuance of a certificate, preparation of marketing material). If routine operations take up a significant part of the time, and finding the person responsible and determining the stage of the process is a whole quest, then these are the right signals for the introduction of a digital deal management system like virtual data room (VDR).

The VDR solution will help:

  • Get a standardized database of contractors common to the company.
  • Effectively control the quality of the work of the sales department at any time.
  • Get statistics and analytics on the effectiveness of deal management.

Data room system is software for working with electronic documents at all stages of their life cycle: creation, editing, storage. Modern systems support document routing capabilities and, of course, basic functions such as search, classification, and so on. Documents and business processes are inseparable, so modern automation systems should include a set of tools for working both in the field of processes and in the field of information.

What are the advantages?

When implementing VDR, it is important to understand that its main purpose is not to save consumables but to organize a modern and high-quality management structure, control, and analysis of the company’s business activities.

So, let`s analyze the main VDR benefits:

  • Quick access to a specific category of documents. The first and main advantage of the data room document management is the quick, almost instantaneous access of a certain category of employees to information determined by certain restrictive frameworks. The user can quickly and easily find only those documents to which he has personal access.
  • Comprehensive document control. Any document entered into the VDR system gets its history. All operations with it, all employees working with this document, are recorded in special registers and stored there for an arbitrarily long time. Now the manager has effective control over the deal
  • Automation of reporting. Automation of office work and deal document flow is another indisputable advantage of the VDR. It allows you to automate the process of compiling reports on the operational, tactical, and strategic activities of the enterprise. The department will be able to generate a report according to any objective criteria: the number of documents involved in processing, the number of documents in the queue for each employee, etc.
  • File-sharing and document collaboration. The deal workflow automation makes it possible to organize only one database, which will contain all the documents necessary for the operation of the enterprise. In addition, this will allow several employees to work with one document at the same time, which significantly reduces the time spent on its processing.
  • Elimination of errors. Practical exclusion from the workflow of the so-called “human factor”. Unlike paper workflow, cases of inadvertent loss of documents or their placement in inappropriate places are excluded. This saves a huge amount of time across the enterprise when searching for the right document.