Virtual data rooms were created to view sensitive documents when conducting due diligence on M&A deals, IPOs, venture capital rounds, and other legal transactions. In this article about the most popular data room vendors.
Digital data room: how to organize online workspace?
In the development of a successful company, there comes a moment when the functionality of a standard set of programs becomes insufficient to ensure daily activities. To effectively manage a large business, it becomes necessary to use specialized software to simplify and partially automate business processes.
Specialized software can significantly simplify the creation of a business model. The digitization of document management aims to make your everyday work more manageable. Information is available faster and from any location, and activities and processes that can be digitally mapped are automated. A document management system like a data room relieves your employees of work and supports them working more efficiently. It saves costly working hours and uses the skills and motivation of your staff in a targeted manner for more critical and complex tasks. Satisfied employees stay with you, and your company can grow despite the shortage of skilled workers.
Moreover, economic fluctuations and extraordinary and unexpected situations such as a pandemic or natural disaster can be managed more quickly if your employees can access all critical information at any time and from any place. Switching to digital document management pays off in the long term for your competitiveness and future viability.
So, data room providers today are highly secure websites where data is uploaded and accessed by qualified members with strong passwords. In addition, virtual data room software offers many search functions with many limitations. For example, parts of documents can be excluded from the display, copying prevented, and visitor activities carefully logged by time, date, and documents viewed.
Data rooms have found new life as project management tools for mergers and acquisitions and other fields in recent years. Rather than just being a cloud-based data warehouse for M&A transactions, these tools now allow firms to make the process more intelligent, collaborative, and efficient.
The data is structured in a digital archive, a so-called “data room,” and protected against unauthorized access via an access area protected by encryption and a password. Depending on the requirements, different access rights are assigned to the people involved in the purchasing process. Especially with confidential data, it can be essential to set up appropriate copy protection for the respective documents.
What are the top data room providers?
A comprehensive cloud-based data room covers all the main contours of management and accounting in business and allows companies to organize a single information system to manage various aspects of the corporate organization. Data room software helps to solve a number of the following tasks: convenient control over current projects, maintaining unified reporting at all levels of the organization, compiling a single knowledge base, and ensuring the most optimal level of interaction between different structures of the enterprise and its management.
Choosing the right tools is essential to automate as efficiently as possible. The modern IT market offers many options to organize a secure working environment. The list of the top data room providers includes:
- iDeals
- Intralinks
- Firmex
- Dealroom
- Citrix
- Datasite
- BlackBerry
- SmartRoom
- Box
- Brainloop.
With the help of various configurations, such software products can be modified to the needs of a particular organization, which allows them to be used in almost any industry and field of activity.