Common Virtual Data Room Features

The need to automate deal management has long passed into practice. More modern enterprises are implementing digital data management systems, allowing organizations to evaluate the benefits of new virtual technologies from their experience. Here is more about the data room’s best features. 

Virtual data room: how to increase business efficiency?

The activity of any modern enterprise is accompanied by the accumulation of huge amounts of confidential data, which often have a heterogeneous structure and are not amenable to simple aggregation. As a result, it is difficult for managers to draw meaningful conclusions based on the available information, which inevitably complicates managerial decisions. Special tools for intellectual analysis are required to work productively with data arrays. Obviously, in the age of the latest information technologies, the traditional document management software cannot cope with the volume of work that exists at this time. Therefore, virtual data rooms are in great demand in a modern business environment.

The online data room is a digital cloud-based platform that allows you to transfer office work to electronic form, speed up the movement of documents within the enterprise and between contractors, improve performance discipline during business transactions, and make the execution of important business processes transparent. Data rooms automate not only the storage and management functions of unstructured information but also optimize business process management. 

Basic data room features

The common use of data rooms and their information repositories allows you to organize and combine information, which facilitates its analysis and reporting. You can make more effective decisions and actions based on appropriate technologies for extracting information from data to find hidden patterns in large datasets. All this is possible only in a data room management system built based on fully electronic document management. In addition, virtual data rooms allow employees to work not only on the implementation of intradepartmental tasks but also to solve a wider range of problems jointly.

So, most enterprises recognize the following common data room features:

    • multi-criteria search for documents;
    • control over the execution of documents;
    • secure file-sharing and data exchange;
    • registration of documents;
    • the input of resolutions to documents;
    • distributed processing of documents in the network;
    • distribution of access rights to various documents and system functions;
    • maintenance of several file cabinets of documents;
    • work with draft documents;
    • scanning and recognizing texts of documents;
    • version history and notifications to all contributors;
    • distribution of documents under execution into “folders” depending on the stage of execution of the document;
    • full-text search by metadata and recognized files;
    • generation of standard reports.

Some additional functions

Modern data rooms also have functions for interacting with customers, processing their requests, and other useful tools allowing you to solve many applied problems. Thus, the subsystem that performs the functions of an electronic archive has effective tools for scanning and digitizing paper originals, including in-line ones, is equipped with tools for working with a document warehouse, etc. In addition, systems designed to work with project documentation can work with graphic files of various types.

Some functions are built into the data room from the beginning and need to be configured for the needs of a particular organization. Others are implemented using plug-ins or integrating with other systems, such as electronic accounting. As the data room improves and updates, new functionality appears.