How to Run an Online Data Room?

How to Run an Online Data Room

Data room architecture is designed to store unlimited business information and secure data placement, considering versioning and differentiation of access rights. This article will provide a guide on how to use data room software. 

What is an online data room?

At its core, an online data room starts with basic file sharing and library services. Then, management is carried out in a repository connected to the network. Finally, individuals and groups granted access and permission can enter the warehouse, create, read, update, and delete the files. Nowadays, most data room solutions include tools to help business users, regardless of technical background, define business processes, auditing tools to track every step of a business process, and analytical tools to identify inefficient operations.

The online data room ensures many advantages for companies that want to automate common business operations: 

  • increasing the availability of information for all departments and employees, including with a geographically distributed structure of the company;
  • systematization and organization of reliable consolidated storage of electronic documents and data, including scanned copies, electronic files, directories, registers, etc.;
  • the ability to quickly index large volumes of “complex” documents: handwritten, with a large amount of attributive information, for which processing within the company will be too labor-intensive;
  • customizable access policies, role models, and advanced accounting of user actions allow you to control access levels and build detailed reports of operations performed and changes to documents in the system.

How to run a deal in a data room? 

Prompt processing of outgoing and incoming primary accounting documents, their storage, search, sending to counterparties, and preparation for various kinds of checks are an integral part of the daily activities of companies. The data room solution will automate work with a large volume of primary accounting documents and build it according to a single business process for all interacting departments. So, let’s consider how documents are exchanged with a counterparty and how to work with an archive of electronic versions of paper documents proceeds.

For each document or package, the system creates an index card containing all the necessary details of the document. One or more files can be attached to one card. The system stores and manages various types of information – scanned copies, electronic documents, and index data. The amount of storage is unlimited, and the modern architecture allows you not to lose performance and easily withstand any load. The ability to work with an electronic signature is available to ensure the legal significance of electronic documents and integration with data room operators. In addition, each change creates a new version of the document and preserves all previous ones. Although documents cannot be deleted from the system, you can always track the history of document changes and restore the original version.

Data room software also ensures an easy search function. The search for documents in the archive is carried out according to the main details, for example, the date of the document or the counterparty. You can find the required document using the standard data room search or the search script. The script allows you to create a set by type, counterparty, organization, contract, and dates of creation of documents, as well as save or send it to print.

Search forms are flexibly configured following the attribute information of documents. Due to the integration tools, a search is made from the interface of external information systems. When a documented record is found in the accounting system, you can refer to its copy stored in the electronic archive.


Leave a Reply

Your email address will not be published. Required fields are marked *