Many companies have already appreciated the benefits of switching to virtual business collaboration with the help of data room software. So, let’s analyze data room functionality’s main positive and negative points.
Digital data room: why do you need to connect it right now?
Some 15 years ago, printers, fax machines, and similar equipment were an integral part of any large or small office, but gradually this is all becoming a thing of the past. Now, most documents are created immediately in digital form in special programs or cloud services. We still live in the digital 21st century! So it makes sense to start working with all counterparties through an electronic data management system where all original documents will be stored in secure online storage.
A virtual data room is one such system. It is a digital system of structured storage of electronic business-critical documents that ensures the reliability of storage, confidentiality, and differentiation of access rights, tracking the history of document use, and fast and convenient search.
The main advantage of the virtual data room is the convenience of data storage. Electronic data storage organized in a data room includes digitized documents placed in the interface where you can quickly find a scanned image of a document by key data. You do not need to equip a special room for storing digital business documents. All information will be stored indefinitely in an electronic archive on the servers of the data room provider, where you can easily and quickly find any document.
Data room as secure online storage
Data room is software for small and medium-sized businesses that allows, quickly and without the cost of IT infrastructure and implementation, to organize and launch an electronic archive of documents in a company. In addition, working with documents in the cloud makes it possible to build work with remote employees and offices.
A digital data room as a secure online repository has the following advantages for business:
- Quick document search
The electronic archive system provides a quick search for the document you need, regardless of the date of its compilation and location. However, searching for a paper document is a long and expensive process compared to searching in an electronic archive, where you find a scanned image of a document for any keyword that characterizes your document in a matter of seconds.
- High-quality information protection
Along with very complex processes for encrypting data transmission, backing up, and protecting servers, the electronic data room provides a flexible system of distributed employee access to documents that you define yourself, taking into account the operational features of your company. Cryptographic security protocols are used to protect data. In addition, the system implements a flexible mechanism for user administration and differentiation of access rights, monitoring, and logging of actions in the system.
- Cost optimization
Using the electronic data room in your organization, you save up to 35% on employees’ working time searching for and delivering paper documents and reduce up to 20% of the leased space previously occupied by documents. You also save on the logistics of documents by connecting remote departments of your company to the electronic archive.
- Increasing operational efficiency
Implementing the data room first and foremost simplifies and speeds up your daily workflows, giving you time and space for new projects and business success. Organizing secure electronic storage helps you serve your customers faster and complete transactions, increasing your business’s efficiency and profitability.