The ability to store complete information and confidential documents related to business transactions in a single secure system is very important. So, this article will explain the capabilities of the superior data room and why it is necessary for modern business.
What is data room software?
Modern business workflows require convenient means of data processing. Superior data room software forms a new generation of enterprise automation systems. The main objects of automation in such systems are documents (in their broadest sense, from ordinary paper to electronic ones of any format and structure) and business processes represented as the movement of documents and their processing. This approach to enterprise automation is both constructive and universal, providing automation of workflow and all business processes of an enterprise within a single concept and software toolkit.
A virtual data room is a unique secure working environment that helps various team members store data, ensure the transfer of information, create a safe workspace, and so on. Virtual data rooms are widely used in multiple fields of activity and companies. This software is especially popular in large corporations where there is a need to maintain high standards of confidentiality, protect personal and corporate data, etc. In addition, data rooms speed up and streamline workflow and reduce corporate costs for stationery, courier services, and more.
Several factors determine the security of the data room software. They include:
- a detailed system for delimiting access rights;
- the possibility of using internal and external means of encryption;
- the availability of a set of tools for applying an electronic signature.
In addition, the system allows you to create ready-made templates based on successfully processed cases, which makes it possible to identify and consolidate the best practices for solving business problems. Thus, a corporate knowledge base on business processes is created, and the risks of their incorrect implementation are reduced. Furthermore, thanks to this knowledge base, it is easier to transfer the necessary competencies and work algorithms to new employees of the organization.
The structure of the superior data room: basic modules
From the point of view of the functions performed, the structure of the superior data room software includes several modules:
- The data entry module must enter initial information into the electronic document management system. This information can come from various sources: paper documents, scanners, mail, online – 30 forms, etc. This module provides the receipt and initial processing of data. You can read more about it.
- Indexing module. It provides registration and systematization of data. With its help, the electronic document management system can organize the storage and search of the necessary documents following users’ needs.
- Document processing module. After entering the data into the system, they must be processed and stored for further work. This module ensures the distribution of information and documents according to the specified rules.
- Access control module. This module ensures the distribution of information and documents to users. Each system user can work only with the set of documents he needs.
- The routing module is necessary for organizing work with documents. This module defines the rules for the movement and processing of documents. The workflow processes must first be defined to create routes for the movement of documents.
- System integration module. Data rooms work in conjunction with other management systems (for example, CRM, ERP, and OLAP systems). The system integration module provides data transfer between such systems.
- Document and data storage module. This module implements the functionality of a document database. Due to this module, storage, archiving, restoration, and backup of documents are provided.