What granular sharing options the best electronic Data Room providers offer?

Exchanging and sharing information and documents of all kinds over the Internet is common practice for users today. This article will consider the functionality of Data Room sharing options.

Virtual Data Room: exchange your files securely

Business success is largely dependent on the correct use of IT to effectively support the organization’s key business processes. In modern conditions, businesses have to deal with so much information, it changes so quickly that it often becomes simply impossible to process it manually. In addition, at large enterprises with a high turnover of products and the number of employees, there is a need for accounting and control of a large volume of financial, production, personnel, purchasing, and marketing information. In this regard, it becomes necessary to create automated systems for collecting, processing, storing information. They should facilitate the process of working with information circulating in the enterprise. At modern enterprises, almost all work with information is automated, there are special programs that allow you to keep accounting, document flow, marketing research, forecasting, and strategic planning, and much more on a computer.

An effective electronic file-sharing system ensured by Data Room vendors greatly simplifies the process of enterprise management, allows you to collect, sort, process the necessary information on time, and make the right decision.

Virtual Data Room is a modern solution for the exchange of information between business partners. Logistic, financial, commercial, and other data is transmitted in the format of sequenced electronic messages. Such a system is needed in many areas of activity.

How does the software work?

More and more organizations are networking digitally with their service providers, partners, and customers. File-sharing solutions for storing and exchanging files play a central role in efficient cross-company collaboration. However, companies must exercise caution, especially when it comes to information relevant to security and data protection.

A special, highly protected Data Room is recommended for documents that are particularly in need of protection. Documents can be released there for viewing by a selected audience and provided with watermarks and usage restrictions. Ideally, the documents remain on the server at all times and are only displayed as watermarked graphics in the browser.

There is a scheme of the Data Room electronic document flow between contractors:

  • Organization-seller creates a document in its accounting system. Using cryptographic software, he signs the document with an electronic signature.
  • The seller-organization loads the completed document into the operator’s system and sends it to the counterparty, who accepts it through special software.
  • The buying organization enters the received electronic document into its accounting program, checks the transaction for compliance, if everything is completed without errors, then puts its electronic signature and sends it back to the seller through the operator. If inaccuracies or errors are found during the check, the buyer sends the seller a notice of rejection, stating the reasons.

What are the benefits of an electronic Data Room?

Electronic Data Room providers providing sharing options offer the following advantages:

  • Optimization of costs for sending documents, labor costs (in particular, finding the required document), saving on office space and time for delivery, registration of documents.
  • Centralized storage of documents in an electronic archive.
  • Speed of transmission of the necessary documents – within a few seconds.
  • Accuracy of information received by partners.
  • Ease of operation of the system and ease of use. An employee can easily find the required file according to certain criteria, draw up documents using templates, track the transfer of data to other companies.