Today, the possibilities of virtual data rooms have expanded significantly. Among them, there are both universal and rather specialized options designed for specific tasks or areas of activity. In this article, we present to your attention a selection of the most popular data room solutions in the global IT market.
What is a virtual data room?
Business expansion always entails the complication of the procedure for tracking certain processes. Invaluable assistance in controlling and automating all communications that take place both in the company and outside it (communication with customers, partners, etc.) will be provided by special business process management systems. Virtual data room (VDR) is one of them.
The VDR solution is used to model and automate enterprise business processes, control performance discipline, and operational improvement of business processes based on the analytics collected by the system. So, data room functionality is based on the following principles:
- Workflow automation
An important advantage of VDR platforms is the functionality for automating repetitive tasks, which helps to optimize processes and costs, as well as save time. For these purposes, AI-based software solutions are often used to configure triggers (trigger conditions), entry criteria, and actions to be performed.
Data room tools make it possible to automate various operations with leads like sending emails, generating and sending invoices, etc. With their help, you will receive automatic notifications about the completion of tasks/processes/stages, as well as about the need to take any actions manually.
- Document and file management
The functionality of modern VDR systems is based on cloud storage of documents and other types of files. It must support not only downloading and storing files, but also other operations with them, for example, editing, forwarding, setting up sharing for employees or clients, etc. The useful option is the version history of documents/files, which allows you to track all changes made to them. As a rule, different VDR platforms offer users different amounts of cloud storage, which often depends on the tariff plan or service package they choose.
- Reporting and analytics
Reporting and analytics tools are other important modules, without which it is difficult to imagine a modern VDR system. With their help, you can analyze all key areas of business activity: marketing, sales, email campaigns, customer service, etc. They allow you to monitor a number of important metrics in real-time: conversion, revenue, and profit, customer retention rate, the effectiveness of marketing campaigns, etc.
The forecasting function in the VDR system will help you make your business indicators more predictable and plan your company’s development more efficiently. Using advanced AI or machine learning technologies, this module allows you to calculate sales, profits, or other business indicators in the future based on current data. Users can customize the prediction features by testing different scenarios. Thus, they will be able to improve the accuracy of forecasts in the context of the specifics of their business. The capabilities of the forecasting module are not limited to just calculating sales or profits, but can also be used to evaluate the return on investment and other business metrics.
The top of the best data rooms providers
All modern VDRs have ample opportunities and there are many software alternatives in the IT market. In this guide, we have defined the most-used VDR solutions in the business sphere. They are:
All these providers offer similar functionality for M&A deals, real estate, IPOs, venture capital, and other business transactions. VDR makes business processes transparent and manageable, allowing you to control the operation of the enterprise and increase its efficiency.