With the development of virtual data rooms and document management systems, there are new possibilities for storing sensitive data and file-sharing in the investment sector. In this article, we will consider the benefits of this digital solution.
How to organize document management during investment?
In companies with an active document flow, sooner or later there comes a time when the lack of systematization of documentation leads to a slowdown in work processes. Even worse is the situation when most of the documents are in paper form, which complicates access to them and requires a lot of space in the office.
According to industry analysts, work with electronic documentation includes the creation of documents, their processing, transmission, storage, the output of information circulating in an organization or enterprise, using computer networks for this. Under the management of electronic documentation, it is customary to mean the organization of the movement of documents between organizational units, groups of users, or individual users. At the same time, the movement of documents does not mean their physical movement, but the transfer of rights to their use with the notification of specific users and control over their execution. So, there is a need for a secure and collaborative storage system like a virtual data room. An integrated data room system should cover the entire cycle of office work of an enterprise or organization during the investment process – from setting the task of creating a document to writing it off to the archive, provide centralized storage of documents in any format, including complex composite documents.
Digital data room – a universal tool for the investment market
Cloud technologies are one of the most dynamically developing segments of the information technology market due to their flexibility, mobility, cost-effectiveness, reliability. Buying and maintaining your servers is a rather difficult task that requires both large investments and qualified personnel.
According to vdraum.de, data room software provides the following benefits:
- The productivity of the staff increases by 20-25%.
- The cost of archival storage of electronic documents is 80% lower compared to the cost of storing paper archives.
- The emergence of the possibility of collective work on documents.
- Significant acceleration of search and selection of documents.
- Increasing the safety of documents and the convenience of their storage, as they are stored electronically on the server.
- Improved control over the execution of documents.
Data room and cloud storage system: how to differentiate?
The main thing that distinguishes data room from the “cloud” is greater security and more extensive functionality, which allows not only storing documents but also effectively organizing and working with documents in an online format in parallel for several employees.
Another important difference of the secure data room is the function of optical character recognition – OCR. Thanks to it, scanned documents uploaded to the system are easily read when searching. This feature is simply indispensable for companies that convert paper documents to e-format. With it, you do not need to spend extra time translating PDF documents into text format.
So, security and privacy are of course important to many businesses. And with data room you don’t have to worry about it, it can customize the levels of access to information. You can easily set up limited access to certain folders or documents for certain employees and departments. Everyone sees and works only with what he has access to. A specific set of additional protection tools must be determined in each case, it will depend on the overall network architecture and the architecture of the data room system.