Virtual data room

Choosing the Right Virtual Data Room Provider: What to Look For

Today, everyone seems to have already understood the importance and role of business content management systems in a corporate information system. Still, virtual data rooms belong to the priority role in business document management. So, how to choose your reliable data room provider?

Digital data room – document flow and process approach for business

To make informed decisions in today’s business environment, any organization needs a reliable data warehouse, data processing structure, and available tools that ensure the quality of user information. All these software tools should be integrated into a single enterprise information system and be the basis for supporting strategic planning and the company’s operations. Decision-making is carried out using the enterprise’s information system based on its metadata. Metadata is data about data or structured data that describes the characteristics of data source objects and facilitates the identification, discovery, evaluation, and management of those objects. Metadata is any information necessary for a computer system’s analysis, design, construction, implementation and use. Based on the metadata accumulated in the data warehouse, you can conduct an impact analysis that will reveal the relationship between the source and destination of data, universes and documents.

The virtual data room software concept includes a strategy, methods, technologies and a line of software products developed on their basis, providing an integrated approach to managing heterogeneous metadata located in a data warehouse to improve the efficiency of managing an enterprise in almost any sector of the economy. The data rooms, including data integration, quality assurance, metadata and information lifecycle management, provide accurate and reliable information for informed business decisions.

How helpful is it for your company?

The main task of the VDR is to maintain the complete life cycle of information, from its creation or receipt from outside to destruction when it loses its value. The difference between the functionality of VDR systems and electronic document management systems is the ability to work not only with documents, which today are only a small part of corporate content but also with any other types of data: email messages, graphics, photographs, audio and video files, web- pages, file systems, digitized materials.

Following, there is a list of tasks that can be solved with the help of data room software:

    • analysis of incoming data streams in real-time;
    • systematization and clustering of heterogeneous data;
    • analysis of collected data;
    • secure data exchange and repository;
    • search in large volumes of unstructured information;
    • predictive analytics;
    • automation of standard processes.

How to choose a reliable VDR provider?

Which VDR software solution is best for your company depends on your requirements, resources and use cases. It makes sense to select a system that enables documents to be created, stored, secured, shared and archived in an audit-proof manner. So, there are the following pinpoints that should be considered when choosing your vendor:

      • Corporate archive. Storage of all documents with the preservation of legal significance. Access to them by employees from different company departments and even other branches.
      • Document collaboration. It is convenient when several employees should have the ability to edit at once.
      • Scalability. It is vital that as the number of content or system users grows, storage or new users can be added quickly. It makes sense to check the pricing and cost of licenses in advance.