One of the biggest reasons why the corporate sector uses business software is to save time. That is why business software vendors focus on providing process automation and help professionals invest their time in more important things. Virtual data rooms fall in the same category — automation and time-saving.
Here is what you need to know about virtual dataroom software and how you can save time using data room services.
What is a digital data room?
A digital or electronic data room is a secure online document storage platform where you can store your corporate, legal, personal, or other important documents. Additionally, you can add other users to the data rooms and use the platform for data sharing and online communication.
Data rooms boast various online communication tools for the individual as well as group communication. The users have the luxury of chatting via data room messenger or creating chat groups. Similarly, audio/video conferencing allows professionals to conduct online business meetings.
Lastly, an electronic data room is a virtual deal room for the corporate sector. That is, companies can carry out their unusual affairs like asset sale/purchase, partnerships, fundraising, etc., within the data room.
Why are virtual data rooms different?
What makes virtual data rooms different from other data storage or sharing platforms is their security and pragmatic features. A digital data room does not just store your data like any ordinary cloud platform. It provides protection that is rare to find. In fact, any high-grade virtual data room is hosted by an ISO-27081 certified online data room provider. Apart from that, online data room providers comply with other local and international security standards like FINRA, SOC2, etc.
How does a digital data room save time and money?
There are so many features in data room software that help you do lengthy work in minutes or even seconds. Let’s have a look at some time-saving features of data rooms.
1. Online, centralized data storing
As mentioned earlier, a virtual data room stores your data in online repositories. You can use this facility to turn the virtual data room into your only data repository and store all your business documents on a single platform. How will this save time?
- Your employees and business teams would know where to look for a certain document. Otherwise, inter-departmental data sharing will be a time taking process.
- Documents uploading will be easier as everyone knows where to store a specific file.
- Any authorized user can access any required file anytime, from anywhere.
- Employees’ dependence on other employees will not be a problem anymore.
2. Easy to upload data
Imagine there are hundreds of files to be uploaded to your data repository—this will take some time. In virtual data rooms, you can use the bulk-upload feature by selecting files and uploading them in the VDR. Or, you can use the drag-n-drop feature and upload as many files as you want. In short, you can upload hundreds of files in a matter of a few seconds.
3. Faster searchability
Searching a specific document, especially when you cannot remember the file name, from hundreds of files is not only time taking but can frustrate anyone.
However, a digital data room makes sure you don’t have to waste your precious time searching files. There are several ways to search a file; you can search by file name or any relevant keyword. If you are having difficulties with that, you can use the “full-text search” option and locate your file by entering a phrase or sentence from the document in the search bar.
Apart from that, you can find a file through its index number. As soon as a file is uploaded in the VDR, it is assigned an index number which you can use to find the file later.
4. Live document links
Do you know you can generate live document links in the data rooms? That said, you can create shared documents on which multiple users can work simultaneously. Shared documents are often used by remote teams. All the changes or additions in the documents are updated in real-time. Moreover, users can add comments to documents and settle ambiguities immediately.
5. Live Q&As
Q&A tool in online data room software is one of the fastest communication methods, especially during due diligence or when two parties are dealing/negotiating. Most of the time, Q&A modules in data rooms are compatible with Excel, which allows the users to upload questions and answers in bulk, making it easier for other parties to get the information they need.
6. 24/7 customer support
Every high-quality virtual data room is backed by robust customer support. In fact, customer support service is one vital benchmark for analyzing the quality of a data room provider. You may not believe it, but customer support service can be a competitive advantage for vendors, and iDeals is a prime example of that. An excellent customer support service responds immediately and tries to solve your problems or answer your queries immediately.
7. Reduced administrative expenses
A digital data room is a paperless solution that can help you save tons of money every year. Here is another shocking fact; In the United States, an average company spends $400,000 on paper and printing expenses every year. You can minimize these expenses by using data room software.
Summing it up
A business solution that doesn’t save your time and money is not worth investing in. Virtual data rooms make the process automation easier and allow you to spend your time on more important tasks. The best part is that data rooms help you save money.