Virtual data room contains standard workflow processes and helps to organize the movement of documents and the operational activities of the company during business transactions. In this article, we will analyze the top 3 data room vendors to make your choice easier.
What is a virtual data room?
More than 80% of the information resources of enterprises are concentrated in documents, so the desire of companies to maximize the automation of typical working operations (such as document management during business transactions) is more than justified. The deployment of virtual data rooms (VDRs) has become an important condition for improving labor efficiency for those who make decisions and control their execution – the heads of organizations. Data room is a key management technology that allows you to draw up management decisions, bring them to the executors and control the progress of work at all stages. Besides, it is a perfect secure collaborative environment for managing business deals and a well-structured repository for sensitive data.
Top 3 data room providers
In the context of growing demand, an increasing number of IT companies – regardless of the level of their real capabilities – are positioning themselves as a developer of electronic document and deal management systems. Thus, today the IT market is represented by a variety of data room providers.
The list of the top 3 VDR providers includes:
- Intralinks
It is a secure digital platform, which allows you to transfer office work to electronic format, speed up the movement of documents within the enterprise and between contractors within the holding, improve performance discipline, and make the execution of important business processes transparent. The software product also ensures support for streaming document input technology, which ensures quick conversion of a paper archive into electronic form, and the ability to work on mobile devices.
- iDeals
It is a system with a full set of tools for secure deal management and office work, designed for maximum loads. A full cycle of contractual work has been implemented in the system – project preparation, routing, coordination, joint editing, approval, control over the fulfillment of contractual obligations. Besides, the software automates the process of scheduling meetings/meetings and monitoring the implementation of decisions made.
- Citrix
Citrix data room is designed to create solutions in the field of automation of administrative workflow and office work, as well as solving other problems in managing unstructured content and organizing teamwork. It is a flexible tool for quickly creating solutions in the field of electronic document management, minimizing the costs of implementation and subsequent use, convenient adaptation to the individual needs of the customer. The task of the system is to provide quality and security management conserning the organization's documentation as a full-fledged management resource.
How to choose a data room vendor?
When choosing the VDR provider, it is recommended to pay attention to the following aspects:
- the business reputation of the company (term of operation in the market, assessment of the partnership structure, the circle of clients, feedback on activities, etc.);
- conducting a preliminary risk analysis (including audit and consulting);
- services provided by development companies, and technical requirements for the system.
The developer must provide ongoing online technical support. But services for installing and configuring the system are optional and may be needed only if your own IT specialists are not able to independently adapt the system and put it into operation. Knowledge of the technical requirements for the system allows you to estimate in advance the costs of acquiring additional software and new equipment.