Gaining Business Goals

5 Virtual Data Room Best Practices

Data Room is a system that covers the main areas of customer relationship management and the organization of the company’s internal processes. This article is about the best software practices.

What is Virtual Data Room?

The commercial information of the company is of great value and the security of its storage must be at its best. Data leakage can threaten serious business problems, damage to reputation, theft of unique ideas, algorithms, and databases by competitors. For this purpose, most companies choose a Data Room solution to provide efficient and secure business deals management.

The top 5 Virtual Data Room best practices include using software in the following branches:

  • M&A deals;
  • Real-estate transactions;
  • Investment banking operations;
  • Board communication;
  • Pharmacy and biotech industry.

Digital Data Room is a cloud-based collaborative platform with security, workflow, and analytics tools that put you in total control of any situation at all stages of the deal.

With the launch of Data Room, all information about transactions and customers is systematized. In the card of each client, you will see the entire chronology of negotiations with him. If for some reason a responsible manager needs to be replaced (dismissal, vacations, decrees), his colleague, having read the information in the client’s card, can easily replace the colleague and continue working with the client.

Data Room folder structure: how does it work?

Typically, Data Room systems are cloud-based online services that are provided by subscription. You register in the system, get a single account with all the possibilities and tools. After setting up a Data Room, your employees/managers are added to your account. You pay the tariff that suits you and enjoys your work. You can work in the Data Room at any time and from any place where there is the Internet.

As the administrator of the Data Room, you can export or download the current status of the room at any time. The software offers you both a complete export of the entire data room including all folders, files, and lists, as well as an export of the folder structure only. You can then re-import the Data Room structure for other projects or new rooms.

Data Room helps company departments by prompting managers what to do: react to a new request, call a client, plan the next action on a deal. Robot programs themselves send letters and SMS to clients when the application is in the desired status, automatically launch ads, and much more.

Data Room advantages

So, Data Room software is a full-packed solution that performs many functions according to different business aspects:

  • customer information management: maintaining contacts and companies, a complete history of relationships, convenient access to customer information, the ability to create your own fields and bookmarks, distribution of access rights;
  • business processes: automation of routine operations, the ability to create conditions for branching and actions on a business process, organization of teamwork, automatic control of the performance of a functional role in a project;
  • sales management: management of potential deals, project management, control of payment terms, delivery and fulfillment of other obligations, sales funnel;
  • marketing management: functionality for planning and conducting marketing campaigns of any complexity, marketing research, questionnaires, mailings, reports;
  • building an effective contact center (integration with the call center module);
  • automation of workflow: maintaining contracts and specifications, invoices and payments, creating any document templates, the ability to integrate with 1C and other financial systems;
  • statistics and analytics: statistical charts, analytical reports;
  • work time management: organizer, group calendar.