5 Data Management Services to help you store your private data securely

More and more modern companies are eagerly considering the transition to virtual collaboration with the help of the data room. This article will analyze the best software capabilities in data management.

Virtual data room for managing business data

Only a few businessmen think about storing documents at the beginning of their activities. But in 2-3 years, a significant pile of papers is collected, which cannot be parted in any way since, according to the law, they are required to be stored for five years. Therefore, the documents need to be systematized to make it easy to find the right original. Otherwise, they are lost.

The digital data room provides automated accounting of contracts with a detailed specification of all contractual agreements and ensures control over the timing of their implementation. The program defines the procedure for collective access to classified information, establishes the process for delegating responsibility and authority for each document, and implements an electronic approval system. Contracts are maintained using the principles of electronic document management. In addition, the procedure for employees to work with each document is determined. 

This VDR tutorial can make the work of the enterprise with agreements and contracts more efficient. This result is achieved through:

  • Automation of the process of creating and approving contracts;

  • Reducing the time spent on approval;

  • Ensuring a proper approval process;

  • Improving the efficiency of control activities;

  • Organizing a single collaborative workspace;

  • Increasing the security level of storage of contractual documents.

Following data room software reviews, the most preferred 5 data management solutions among customers are:

  1. Intralinks

  2. Ansarada

  3. Datasite

  4. Firmex

  5. Digify

What are the software advantages?

Data room software ensures many useful capabilities for its users. Some of them are:

  • Data storage

The introduction of the data room allows companies to solve the problem of optimizing the process of storing and searching for documents. All information is inside the system. It is enough to make an appropriate request to find a document. As a result, it is possible to get rid of standard paper storage, saving space. Furthermore, documents entered into the system cannot be lost. Even accidentally deleted files can be recovered.

  • Security

The software solves the problem of data protection. It uses methods and tools that reduce the system’s vulnerability and prevent data theft. Unscrupulous employees protect documents stored in the system from viruses, copying, and deletion. In addition, the system is extremely difficult to hack. Therefore, the likelihood of data theft is minimal.

  • Coordination of documents

By implementing the system, you will solve the problem of simplifying the process of coordinating documents. High data transfer rate will allow the counterparty to receive information quickly. He will be able to familiarize himself with it and then accept the electronic document in the proposed form or make changes to it. The system allows you to track the history of adjustments and understand what data has been corrected. Each document is assigned its status, enabling you to track the receipt of files for approval.

  • 24/7 access to documents from anywhere

The service makes it possible to quickly search for documents by date, counterparty, and other criteria. You do not need to waste time and effort to find and scan the needed pages. In the case of tax and other audits, you can quickly find the requested documents and provide them upon request.