For storing financial data, special types of software solutions are used – Virtual Data Room. Let’s figure out how this software differs from other methods of storing data, and for which companies they are relevant.
Virtual Data Room – perfect solution for archiving financial data
The digital age is changing the rules for businesses to enter the market, lowering barriers, and as a result, increasing competition between companies, forcing them to seek out and implement innovative strategies to take leadership positions in their industry. So, at a certain level of development of the company, the flow of internal and external document management requires comprehensive automation. For this purpose, Virtual Data Room meets the task of comprehensive management of financial data with the functionality of controlling business processes and one-time use of the system participants.
Data Room is a unified corporate repository of archived data from different sources (systems, departments, etc.). The goal of such a system is to provide the user with the ability to make the right decisions in terms of business management based on a holistic information picture. It is not only a warehouse of important company data but also the basis of business intelligence. It is from the corporate repository that the company receives the information necessary for making managerial and strategic decisions.
Best Data Room solutions that allow scanning documents
Following the www.virtual-data-room.org, the software also provides the function of scanning documents. It has the ability to select the scan mode, change the media and type of the original file, and several modes for viewing the scanned image.In the application, you can select the mode and resolution of the original image, it supports the ability to work with all popular image formats and a function to set the compression level for scans of documents of different formats.
Among the best Data Room providers ensuring scanning documents feature there are:
- iDeals
- Intralinks
- SecureDocs
- Firmex
- DealRoom
- Merill
- Drooms
- CapLinked
- Datasite.
Other important Data Room functions
The functionality of the Data Room systems can be summarized in a single list:
- Creation of a single database of contacts. Data Room stores information about everyone with whom the employees of the company interact: customers, suppliers, contractors, partners, etc. The function allows you to reduce the time for finding the necessary data, as well as quickly get used to a new employee.
- Tracking the history of transactions. Detailed information about each completed transaction is stored in the system database, allowing you to track effective sales factors. Based on the stories, you can create a “portrait” of a potential client, highlight the most productive moves and sell even more.
- Reporting on transactions. The client will receive only up-to-date and relevant information about the project. For this, the personal participation of the manager is not at all necessary. Data Room will organize the data and inform the client about what stage the project is at and what has been done to implement it.
- Drawing up reports in various forms. The reports make it possible to predict future cooperation and instill confidence in the work of the company. There is automated reporting for employees, thanks to which you can assess the pros and cons of work. Reports for clients are prepared periodically as a guarantee of successful cooperation.
- The planner of meetings, events, and tasks. The lead manager can plan the work a month in advance and assign several tasks to employees.