Automation of work with contractual documents with the help of data room software reduces the risks of delays in fulfilling the deal conditions, unloads key employees, and ensures financial stability. In this article, we will analyze data room contents and software functionality.
Decentralized project work in online data rooms
Over the past 15-20 years, the importance of effective deal management work in companies has been growing increasingly important, regardless of their form of ownership and type of activity. It would not be an exaggeration to say that building an orderly system for coordinating documents is a key task for the entire deal workflow of an enterprise.
To get rid of difficulties and automate the working process, an increasing number of enterprises reasonably transfer work with contracts to an electronic plane and choose specialized software products to perform the coordination and accounting of documents. One of such products is a virtual data room.
Data room is a digital platform for secure working with electronic documents, which makes it possible to organize the circulation of all necessary documents in a multi-user mode.
The development and implementation of a data room document management system at enterprises help to solve the following tasks:
- prompt sending of documents to individual users;
- minimization of terms of acquaintance, check, editing, and coordination of papers;
- organizing a quick search for information;
- reliable and convenient storage of documents;
- the ability to sort, filter, and group data;
- workflow automation;
- building reports, sampling;
- data encryption;
- implementation and interaction of the system with applications and programs.
What should you include in a data room?
The digital data room was developed to provide users with an easy way to collaborate on documents. It includes a functionally complete set of tools that allows you to organize confidential workflow without requiring additional modifications or programming settings. Adaptation of the system to the specific conditions of its operation is carried out by flexible and simple means of visual configuration.
Data room record-keeping covers the following areas:
- documentation (creation of documents);
- document flow (movement and accounting of documents);
- operational work and use of documents;
- archiving and storage.
In turn, the workflow begins from the moment the document is created/received and stops when it is executed. One of the main characteristics of a document in the data room is its type. Following the type of document, the due date, processing route, registration, and document numbering rules are determined. There are three types of documents – incoming, outgoing, and internal. The movement of documentation in the data room occurs following well-thought-out routes, which, in turn, reflect the processes of the enterprise and are aimed at the final result.
The data room automatically creates a registration card for a new document after it is entered into the database. Additionally, there is the possibility of setting up accounting for documents by additional parameters, information, details.
The system includes several software components that implement common operations during business transactions:
- streaming input of documents of the same type and their registration data;
- design and automatic execution of typical document processing scenarios;
- search by sample registration information (query by example);
- electronic publication of documents intended for public familiarization.
Besides, a single registry, linking documents, mandatory correlation of an agreement with a counterparty, and other advantages of structuring content allow you to analyze data in detail and generate reports in various sections in a few clicks.