What To Look For When Deciding On A Virtual Data Room?

Modern business management is based on ready-made and updated IT solutions that provide full automation and a constant work cycle. The data room is a chance to automate any business projects and processes of the organization. So, how to choose a reliable software solution?  

Data room prospects in business

In today’s economy, the need to automate document management processes in an enterprise is no longer in doubt. But since documents are tied to customers, the marketing activity of an enterprise, projects, suppliers, etc., the close linkage between data management in business processes and virtual data rooms becomes acute.

Analytical services provide data that managers spend most of their time processing information. Ordinary employees use a third of the time to search, prepare, send, and other operations with documents, all passing internal papers are copied up to twenty times. Almost every fifteenth document is lost forever. In this case, the help of virtual data rooms is invaluable. Furthermore, workflow automation significantly reduces the time for processing documents, and electronic documents are almost impossible to lose. Previously, only large companies used electronic document management, but now such programs have become available for small businesses.

In addition, a single data room database does not allow duplicating documents, and a well-implemented search enables you to find the necessary data with a minimum of available information. Finally, the analysis and reporting system is also important when the manager receives all the data on the movement of documents and sees their status and the executor.

Common criterion for choosing a data room provider

To choose the optimal data room software that meets the requirements of the business, we recommend considering at least 3-5 options at once. These can be both universal services and customized for your industry. However, the latter is usually required by large companies with unique business processes and subtleties in their work. Often such enterprises use completely custom solutions developed individually for them.

So, there are several important things to look for when deciding on a data room: 

  • The functionality you need

Pay attention to the convenience of working with the system, the need for long-term training, and getting used to it. Also, check how the organization’s current business processes differ from those laid down in the system. Finally, make a list of tasks you want to solve by implementing the software. 

  • Cost of system ownership

You need to find out the license’s cost and the warranty technical support’s availability. The electronic document management system may not be ready to increase the volume of users and documentation. Find out how many users will be able to use the system and whether the system scales to fit your business.

  • Integration with other information systems

Make a list of systems with which you want to integrate. It is necessary to learn more precisely about the possibilities of integration, its cost, and with what systems it is possible. For example, the data room can integrate with any email client and applications for data exchange. The system automatically places letters in the data room, where the necessary attributes are filled in: counterparty, name, and date of creation.

  • Free trial version

If you can’t decide on a choice, then you can choose a demo testing period. You will have access to a free data room system for a certain period of use. During this time, you can evaluate all the functionality and make a decision.