Nowadays managers can coordinate and sign business documents in a matter of minutes, using modern virtual data room technologies. In this article, we will discuss how to manage confidential deals in a secure data room.
Virtual data room: organize your deals quickly and safely
Sooner or later, any company or entrepreneur has to take care of how to keep a register and organize documents, for example, during due diligence. And the first thing that comes to mind is the accounting of contracts in Excel. Up to a certain point, this works fine and there are no problems. But over time, the business grows and there are more and more contracts – keeping records in Excel becomes inconvenient. In this situation, companies find a good alternative for automating the preparation of business transactions, they use virtual data rooms. The software serves as a secure collaborative platform for sharing business-critical data and storing large volumes of information.
According to ddraum.de, the data room deal management system has been implemented in many companies that have already experienced the benefits of digital transformation during M&A, IPOs, real estate deals, due diligence, etc. The software reduces the time for processing and preparing reporting documents by about 75%. Files are transferred instantly both within the organization and when working with contractors.
Usually in companies, before signing a contract or other document, it is agreed upon within one or more departments. The document is moved for approval to the responsible employee or department. The use of the data room for coordinating documents allows you to speed up the process. At the same time, the chronology of changes will be saved – so participants will be able to track the changes made and the current status of the document in real-time.
Approval of documents in the data room
The system allows managers to quickly coordinate documents within the company: send a document for approval or signature to a specific employee, the entire department. Approval of documents in electronic data room consists of the following steps:
- The new document enters the electronic approval system and appears in the “Inbox” folder of the responsible employee.
- An approval chain is launched, where each participant chooses a status: make changes, agree, refuse.
- The received document is signed with an electronic signature and sent to the addressee.
Also, the secure data room allows you to set up automated routes when the document moves along the chain, and participants and contractors receive reminders.
Reasons to choose the data room
Digital data room optimizes the deal management in the following way:
- Electronic data room storage of documents implies the creation of a single database of documentation by the classification and regulation adopted in your company.
- A competent organization of the electronic archive of documents will allow you to systematize the documentation, distribute it according to the type and period of storage, as well as structure the data according to any other criteria.
- Control of access of employees to information in electronic data room is provided, loss of important documents and their unauthorized change is excluded. Due to the restriction of access rights, logging of user actions, and automatic backup, a high level of information security is ensured.
- Using the archive of electronic documents provides efficient and simple management of service information.
- Automating the workflows of the enterprise in the shortest possible time leads to a reduction in costs and the creation of transparent business schemes.