Virtual data room has become a collective image of all automation and process management solutions. In this article, we will help you understand which software features you should pay attention to while comparing iDeals vs Datasite.

The functionality of digital data room

Virtual data room (VDR) is a full-featured software for integrated document and business process management; focused on enterprises and organizations of all sectors of the economy, whose activities involve a complex technological process and many participants in a geographically distributed structure.

With a wide range of functions, data room software allows you to cover all the processes of document management and corporate governance. The system fully automates work with incoming, outgoing, and internal documents, orders, business processes, and archives. Thus, support is provided for the life cycle of the document from the moment of creation/receipt to destruction/transfer to the archive.

The principle of VDR software is as follows:

  • The document management module helps to conveniently create new files, register incoming and outgoing documentation of the enterprise, as well as control document flow – the movement and history of changes to any files.
  • An electronic vault is a secure space on an organization’s server used to store documents and attachments. The functionality of the storage allows you to organize a hierarchical catalog of documents for easy search and classification of files, as well as the creation of a complex system of independent backups for important documentation.
  • The module for working with orders simplifies the assignment of tasks to employees of the enterprise for office work. The program contributes to the optimization and complete control of the movement of documents within the company, as well as setting instructions and coordinating personnel. The functionality of the module includes extensive tools for setting up scenarios and routes for the movement of external and internal documentation, as well as accompanying files.

iDeals vs Datasite: what option to choose?

iDeals and Datasite are perfect alternatives for every business in different economic sectors. Both solutions are used in corporate structures of various scales. So, let`s analyze what are the differences between them and which one will be more suitable for your company.

  • iDeals

iDeals data room offers companies an online data repository and enables them to exchange data with customers and business partners in a controllable environment. With shared drives, businesses can create and share files from anywhere in the world and can automatically sync across all devices used by the business. The company can allow multiple users to access and edit files, but with limited control over everything else. This software helps to store sensitive information related to the sale of the company and to provide all buyers with equal access to information.

iDeals guarantees the stable operation of the electronic storage and protection of the enterprise’s confidential data and allows you not to change processes when changing personnel. This favorably distinguishes the system on the market and contributes to the automation of the company’s documentary turnover at the lowest cost for the implementation and support of FIS modules.

  • Merrill DataSite

Merill VDR streamlines the due diligence process and is a highly efficient method for exchanging critical business information for due diligence electronically through a highly secure online clearinghouse that can be accessed over the Internet. The software provides complete control of security settings that are assigned to a particular user by the client, based on the user’s role in the transaction. Merrill services include document and information management, litigation support, language translations, execution, imaging, and printing. This VDR serves clients in the corporate, legal, financial, insurance, and real estate sectors.