Conducting the main and additional activities of the company needs to be accompanied by the process of processing confidential documents, which in turn requires not only the use of accounting systems or complex ERP systems. This task is best handled by electronic data room management systems. Here is more about it
Digital data room – secure warehouse for sensitive business data
The activity of a huge number of organizations is associated with the processing of large information flows formed by masses of documents or their electronic prototypes. In such conditions, automation of office work and the organization of workflow becomes one of the main and priority tasks of the enterprise. This work is important both for a step-by-step movement towards the creation of a fully functional document management system, and for achieving an early effect in other areas of the enterprise’s activities related to the organization of management accounting, control, and systematic analysis of production indicators.
The development of the digital data room software is aimed at solving this class of tasks, designed to automate the basic procedures of modern office work and organize workflow. Consequently, the automation of file-sharing and the organization of workflow becomes not an end in itself, but an effective means of solving problems related to the production or deal management activities of the company.
Virtual data room (VDR) is a system for storing documents in electronic form, ensuring the reliability of storage, confidentiality, and access control, tracking the history of changes, convenience, and speed of search. According to ddraum.de, a data room that satisfies these requirements should have the following main functions:
- reliable storage of all versions of documents involved in processing processes;
- convenient systematization of the archive of documents following the requirements of the enterprise;
- determination of the circle of persons involved in the business processes of processing documents, setting the level of their rights and functional powers in the system;
- protection of information from distortion and unauthorized access;
The main data room benefits
Using VDR solutions in the corporate information structure ensures many advantages. They are:
- Terms of processing and safety of documents. When transferring the company’s office work to an electronic format, the probability of untimely processing and transmission of important documents is minimized. The probability of damage or loss of incoming and outgoing documentation is practically excluded.
- Cost reduction. The transition to an electronic data room helps to reduce the cost of stationery and office equipment, shipping by postal and courier services, and storage of paper documents. There is a possibility of a complete rejection of paper documentation.
- Reliability. When using digital documents, the likelihood of duplicating information is reduced, reliable storage of documents is ensured, and information leakage is prevented.
- Fast data exchange. The process of exchanging electronic documents takes several minutes. As a result, time savings are evident. Terms of creation, coordination, approval are minimal. If errors are identified, corrective documents can be quickly obtained. With the data room, signing, sending, and receiving documents can take place at any time of the day or night from any device with an electronic signature.
- Electronic archive with a quick search. VDR provides the convenience of information storage. There is no need to organize and maintain an archive of paper documents. All data is stored in a secure electronic archive indefinitely.
- Working time optimization. The introduction and use of VDR increase the efficiency of using the working time of employees, accelerate decision-making processes on documents and bring them to the staff.