Data room solutions are the collaboration and movement of electronic documents, information, and file exchange. Modern systems allow companies to automate many processes that previously had to spend a lot of time. Here is more about its basic features.
What is a virtual data room?
In short, a virtual data room (VDR) is a special program that automates work with clients. The term is quite new, but the basic ideas and functions embedded in it appeared in business long before the appearance of this concept, when not only the Internet, even personal computers did not exist. In those days, similar operations were performed manually by entrepreneurs, and they have partially migrated to our time. The software tools used today allow large companies to work individually with each customer.
A digital data room is a secure digital platform where almost all critical data of business operations is stored and processed.
Three main goals for using VDR:
- operational – operational access to information in the course of contact with the client in the sales and service process.
- analytical – a joint analysis of data that characterizes the activities of the client and the company, obtaining new knowledge, conclusions, recommendations.
- collaboration – the client is directly involved in the activities of the company and influences the processes of product development, production, service.
According to vdrdienst.de, the functionality of VDR covers marketing, sales, and service, which corresponds to the stages of attracting a client, the very act of making a transaction (transaction), and after-sales service, that is, all points of contact where an enterprise interacts with a customer.
The best data room features
Data room features are the basic characteristics with which you ensure the stability of your business. They include:
- Deal Organization of the process of approval and registration of contracts and related documents, as well as operational work with them (search, analysis, editing, etc.) Completed transactions can also be monitored in the data room. This function already at the early stages of interaction with customers helps to identify controversial issues, allowing you to avoid conflict situations.
- Meeting management. Organization of preparation and holding of board meetings (coordination of place and time, composition of participants, agenda); formation and distribution of the protocol; monitoring the implementation of the decisions of the meeting.
- Customer relationship management. Maintaining a unified database of organizations and contact persons; keeping a history of meetings, and correspondence with customers; support of the sales process following the regulated stages; planning marketing activities; analysis of sales effectiveness and marketing impacts. This feature makes it possible to conduct business with maximum efficiency. All collected information is protected from copying and exists in a single copy.
- Transparent collaboration. Work in the data room is structured in such a way as to ensure transparency of interaction with each client at all stages. This feature greatly facilitates the analysis and forecasting of customer needs in the present and future.
- Preparation of commercial offers. In modern data room providers, the function of creating commercial offers as quickly as possible based on various templates is implemented. Due to this, labor costs for routine and monotonous work are reduced to a minimum.
- Personnel Management. The software allows you to control the work of employees, and account managers can easily coordinate their activities.
- Formation of reporting documents. Almost any data room software allows you to automatically generate reports on various activities. Thanks to the analysis function, based on the received documents, a plan is drawn up for the further work of the company.