The digital data room presents a low-code cloud-based platform for efficient management of contracts and end-to-end enterprise business processes. This article will analyze the common data room capabilities.
How can the data room increase company`s productivity?
In today’s rapidly growing economy, the survival of various enterprises is based on adopting tactical and strategic objectives. Often such tasks are based on documents that are provided to the management of enterprises. The timeliness of approval and receipt of such documents is the basis of enterprise management and helps make the right strategic decisions on time. In current conditions, to improve the quality of management, it is necessary to pay sufficient attention to improving the work with documents since a management decision is always based on the information that a document is a carrier of.
Building work with contracts is not just the automation of an existing system. Instead, we are talking about the correct organization of the interaction of many participants to obtain the optimal result. All this leads to the fact that the contract can be considered from different sides. And depending on this, there are other points of view on organizing the management of contracts. A contract is an atomic document drawn up according to a certain template. Very often, it exists as a file. And the stages of creating a contract, filling it with data, agreeing, signing, and sending it to the counterparty, and then executing and storing it comes to the fore in working with it. At the same time, the listed stages of the life of the contract and its status play a decisive role in this approach.
In addition, the software helps to sell by centralizing all processes for interacting with customers. Such solutions keep track of customers, collect the entire history of communication with each of them from different communication channels and allow you to plan the next steps.
What are the software benefits?
Virtual data room ensures many valuable capabilities for automation of deal business management. It is needed so that work with contracts does not slow down fundamental business processes in the enterprise. It is achieved through the following features:
- Creation of a single bank of contracts, no loss of documents (including intermediate versions of draft contracts).
- Fast and transparent negotiation of contracts at any stage.
- Organization of interconnection with other business processes using seamless technology: for example, office work, claim work, organizational and administrative documentation.
- Instant search of contracts and accompanying documents.
- Control in various analytical sections: by executors, by approving persons, by divisions, by terms of approval/signing, by counterparties, by amounts, by budget items, etc.
- Formation of a printed form of an approval sheet for signing by top managers.
- Promptly informing management about contractual work in the company: which of the existing contracts require an extension, where it is necessary to speed up the approval and signing.
- Possibility of joint work on the contract. At the same time, each participant sees whether there are differences between the contract and the standard one and has before his eyes the entire list of changes made by him and other participants.
- Reducing the risk of missed deadlines as a result of automatic control over the contract terms and automatic notifications.
- A single procedure for working with contracts in compliance with corporate standards.
- Ensuring planning and control of work under contracts and control of orders.