Virtual data rooms have been developing around for over 10 years. During this time, they have become an integral part of the business. This software helps improve analytics, speed up business processes, arrange more effective data management, collaborate, and more. Here are simple steps for the implementation of this software.
Why do businesses require a data room?
A virtual data room is a step towards transparent data management and an opportunity to speed up interaction processes with counterparties. With this software, it becomes possible to structure and simplify the standard operations of joint work on documents, such as the preparation and approval of projects, the creation of new versions of the document, familiarization with documents, consideration, and issuance of instructions, control of their execution within the framework of a single information space of the company.
Thus, the software becomes the primary tool for effective interaction between employees of various departments, including geographically distributed ones. Web access and mobile applications allow employees to be unattached to the workplace in the office and resolve any issues remotely.
So, the data room offers the following benefits for businesses:
- Seamless data sharing across all data endpoints;
- Single storage for files and objects;
- Ability to process operational data in real-time;
- Native architecture, which provides for horizontal scaling;
- Designed to deliver multidimensional performance on any data.
One of the most critical functional tasks of the system is to protect information from unauthorized access and to ensure the confidentiality of documents stored in the data room. For example, Docsend virtual data room allows you to flexibly configure employees’ access to all registered documents following their official duties and powers (full access, modification, viewing, complete lack of access, etc.).
Common steps to secure data room implementation
Creating an individual program from scratch, “tailored” to the requirements of a specific small or medium-sized business, is a laborious and complex process. Thus, most companies prefer using full-packed data rooms that are easy to implement. Fast results and lower financial costs characterize such an approach. But it carries several limitations, such as using specific data room functionality without deep adaptation and refinement of the solution.
There are 7 basic steps to implement a secure virtual data room for business purposes:
- Registration on the electronic document management service
- Revision of standards for document management.
- Description of the roles of employees to work in the system.
- Setting up and adapting the system through a test set of documents.
- Key users training.
- Qualified electronic signature.
- Set up document templates for autofill or use ready-made templates.
An electronic signature is a necessary condition for the full implementation of secure electronic document management. It allows you to replace the traditional seal and signature, guaranteeing the authorship and immutability of the document in electronic form after it is signed. Using ES, you can sign any version of an electronic document, fixing and saving information about who signed and when.
In addition, standard processes will allow users to start working with the subsystem immediately after installation and minimal configuration. The client can independently implement an arbitrary process if standard processes do not meet the organization’s needs. Goals and desired business outcomes are defined before implementation.