Virtual data room successfully solves the complex task of automating the business processes of any organization with great success. In this article, we will consider what are data rooms and why they are needed in the real-estate industry.
Why does the real-estate sector choose virtual data room?
Today, companies are trying to minimize the unnecessary waste of the budget and time of their employees to do better work. Previously, employees manually kept records during real estate transactions, but now many companies are implementing data room software to be sure of the safety of data.
The introduction of a data room system allows companies to implement the transition from document management to business process management. During the execution of a business process, new routes for the movement of documents may appear, new tasks may appear, but the business process will remain primary. In addition to expanding the logic of work associated with the processing of documents, the ability to manage tasks created as part of a business process, and not necessarily tied to a specific document, is added.
The automated workflow includes working with various kinds of correspondence and administrative documents. Meanwhile, the data room links any document with those actions that must be carried out. This system effectively monitors all the actions of employees, or rather, the fulfillment of various kinds of duties on their part. So, we can say that the electronic document management system, in fact, not only effectively manages document flows and increases the level of security of company information, but also significantly increases control over the execution of work and the productivity of employees.
According to vdrdienst.de, currently, almost all infrastructures use data room platforms, including the real-estate sector. Most companies are at the stage of implementing this system or plan to use it soon. Electronic document management in the data room is gradually expanding the range of its tasks and is involved in integration with accounting systems, manages various statistical indicators of the enterprise. The transparency and manageability of the latter are growing: even the simplest business transactions are reflected in the accounting system of electronic documents. All the accumulated information, which includes the necessary indicators, is integrated into the data room, which is reflected on the panel of the chief executive.
Functionality that determines the validity of the data room software
Virtual data room structures and automates work with documents during real-estate transactions providing a high level of data security. The main tasks of the software include the creation, modification, storage, and routing of confidential documents.
So, there are the following functions of data room software:
- A single registration of a document that uniquely identifies a document within a given system.
- A secure collaborative workspace and data repository;
- The possibility of parallel execution of operations allows to reduce the time of document movement and increase the efficiency of their execution.
- A single (or coordinated distributed) database of documentary information, which allows eliminating duplication of documents.
- Efficiently organized document search system that allows you to find a document with minimal information about it.
- Support for the processes of approval and processing of documents at all stages of their life cycle;
- Structuring documents into folders, assigning access rights to documents, document history.
- A developed reporting system for various statuses and attributes of documents allows controlling the movement of documents through document management processes and making management decisions based on data from reports.