Here are some of the top data room solutions for corporate document exchanges

The trend of automation of deal management activities and its transfer to electronic form dictates the need to revise the costly and inefficient ways of “paper” work with financial documents. This article will explain the benefits of a data room for secure corporate data exchange.

What business tasks can the data room solve?

With today’s cautious, and sometimes skeptical approach of leaders to the financing of any IT projects, the problem of contract management remains one of the most demanded and priority. Corporate document management is attracting everyone’s attention, because the effective solution of this task can give a tangible, fast and measurable economic result – in contrast to, say, the abstract requirements of automating the entire workflow.

What is a data room actually and what it is capable of? The data room system is a comprehensive solution designed to manage contracts at all stages of their life cycle. This solution allows to provide information support and automation of the activities of the divisions and services of the enterprise involved in the process of formation, maintenance and control over the execution of contracts concluded by the enterprise.

The platform implements an innovative electronic document management system using blockchain technology, which allows counterparties to quickly and safely exchange electronic documents secured with a digital signature. If earlier the participants in the transaction had to sign contracts live and then spend time and money on transporting papers, now it is possible to exchange signatures instantly. Furthermore, the system will create and remember the smart contract conditions, which any parties cannot violate.

In addition, data room has advanced capabilities for managing enterprise contracts, including 

  • a centralized directory of contracts and business partners of the enterprise;

  • formation of an approval sheet based on electronic signatures of contractual documents;

  • maintaining an archive of documents for each contract;

  • maintenance of templates of contractual documents, including the development, approval, approval and publication of templates and samples;

  • planning and monitoring the progress of contracts;

  • the ability to prepare and approve draft contracts, and additional agreements;

  • preparation of reports in various sections on contractual work.

The top data room solutions for corporate data exchange

Automation of contract management and automation of contract negotiation removes a significant part of the burden from the staff of the enterprise. In addition, the automation of contract management, or the so-called automation of the company’s contractual activities, is relevant for the management team, allowing at any time to see the stages of the implementation of contracts, which are recorded by the automation of internal accounting and automation of the approval of contracts.

So, you can visit the website to review the best data room providers suitable for various business transactions where secure data exchange is in priority. They are as follows:

  • Ansarada

  • Intralinks

  • iDeals

  • SecureDocs

  • Box

  • Firmex

  • Digify

  • Merill

  • Onehub

  • Datasite.

Working with contracts largely reflects the unique style of decision making in your organization. Otherwise, all organizations would work in the same way, and there would be no competition in the world. You may have to build a solution from different blocks. If all components support modern information systems architecture standards, this will not create insurmountable difficulties, but it will allow you to get a solution that is right for your organization.

Moreover, the use of a project-process approach to management will allow organizing a consolidated control of all contractual relationships of the company or control in the context of individual structural divisions. Maintenance of contracts is organized with the possibility of establishing collective or limited access to accounting information.