More and more small business processes are being handled virtually. It requires a rapidly increasing amount of data that has to be processed, saved, and transferred. The sensitive data of a company is stored online in a data room. Here is more about it.
The online data room for data management in a small company
The sector of medium and small businesses, which gained momentum even before the crisis, despite everything, remains the fastest growing and most promising in the world economy. The current order of doing business in small enterprises and organizations requires much work with documents. Search, approval, and approval are becoming quite complex and cumbersome procedures, which cannot be excluded. The only practical approach in such a situation is modern technologies and maximum automation of all stages of work with documents. Automating workflow with the help of data room software allows you to organize the work of the enterprise. In addition, the emergence in recent years of a sufficient amount of available computing power and high-quality software for them makes such a solution easy to implement and economical.
The virtual data room allows you to automate the development and approval of all organization documents, distribute documents for review by a wide range of employees, issue instructions and monitor their implementation, and create arbitrary business processes to solve any problems of the organization. Among the most widespread and available online data rooms for small businesses there are:
- iDeals
- Intralinks
- OneHub
- Firmex
- Digify
- DealRoom
- ShareVault
- Citrix
- DocSend.
How to choose the most suitable provider?
When selecting a virtual data room provider, there are many things to consider. With so many options on the market, it can be challenging to know which company is the best fit for your organization. To help you make the right decision, we’ve put together five tips you should keep in mind before selecting a business software solution:
- Consider document control
When you understand the importance of having a virtual data room that offers different levels of control over your documents, you can find one that meets all your needs. For example, Firmex is a virtual data room that offers different levels of management, allowing you to assign specific roles and make changes to improve the quality of your work.
- Look for dynamic watermarks
With a dynamic watermark, you can track all changes in the document. You can also reference the person who made those changes. It does this by tagging documents with specific identifiers while preserving the original identifier. This process ensures that every change within a document is recorded and can be traced back to the person who made the change. Therefore, you need to check whether your platform supports dynamic watermarks or not carefully.
- Ask about file formats and maximum file size
Most data room vendors offer a variety of file formats and storage capacities of up to 10GB. However, depending on your needs, you may require a data room that can handle even larger files. Regardless, clarifying these details with the vendor is always best before making your final decision.
- Check for collaboration features
When choosing a virtual data room for your company, pick one with robust collaboration features. A document library is a must-have, allowing you and your team to upload documents and work on them together. Another key feature is the ability to edit files offline – this can come in handy when no Internet connection is available.