Digital business transformation is the introduction of current digital technologies into familiar algorithms. This article will analyze how to transform business deals into the digital workspace using virtual data rooms.

Data room – fast preparation of documents and acceleration of the deal conclusion 

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

Nowadays, the virtual data room for deal management is necessary for enterprises of any size. The more employees, customers, and contractors are in a company, the more transactions mean many documents and internal approvals. The data room allows companies to transform workflow and reporting digitally. The software works with electronic documents at all stages of business deals: creation, approval, and storage. It is the basic transformation of commercial activity, which we will discuss below.

Data room functionality

The data room is designed to automate the processes of approval by responsible persons of the company of contracts created by its employees and provide employees with information on the progress of these processes. The system’s main purpose is to speed up and visualize all the steps of negotiating contracts. The main tasks solved by the data rooms here are the creation of an application for contract approval, the creation and launch of the document approval process, the control of the application status (at which approval step it is), and maintaining an archive of applications.

The common data rooms capabilities are:

  • Maintaining information about the company’s contracts in a single document repository.
  • Keeping a history of all work processes, completed or not, throughout the system.
  • Creation of its approval route for each contract.
  • Constant monitoring of the state of the deal process
  • Adaptation of the interface to the style of the customer’s portal.
  • Ability to differentiate rights to create and view applications.
  • Prompt notification of process participants about the occurrence of events.
  • Maintaining a register of contracts in compliance with the standard storage periods
  • Creation of a single archive of signed contracts and accompanying documentation
  • Differentiation of access to cards and document files based on the company’s internal regulations
  • A quick search for documents by any field of the card
  • Flexible filtering by attributes
  • Using standard templates when creating a contract
  • Version control and comparison

How to organize business deals in a data room?

The use of data rooms is one of the major transformations involving the internal digitalization of companies. It helps to:

      • avoid overdue tasks, lengthy approval of documents, their loss, 
      • reduce labor costs, 
      • organize secure deals,
      • optimize work with information, 
      • make deal management processes transparent, 
      • maintain confidentiality and prevent information leakage. 

If a business uses various standard forms of documents in Word, it can lead to delays in the conclusion of transactions (due to searching for the necessary forms, manually filling in fields, checking by employees of other departments) and errors. To effectively create standard formats, you can use professional document designers, for example, the data room document creation and approval platform module. In the professional constructor, you can create an interactive template (a questionnaire the user must answer) based on this interactive template. The user can create a document in a few clicks and without errors.