TOP Virtual Data Room Software

Digital data room is a recognized market leader in document management systems and corporate content management. In this article, we will consider the best software alternatives.

What is the role of a data room?

In today's world, when the speed of all processes is increasing day by day, the business has only one way out – to accelerate. The first step to success is to make your job easier and start by optimizing business processes and automating them to meet business requirements. Business process automation is, first of all, the transformation of routine manual operations into an automated mode using special software.

For large and medium businesses, a virtual data room is an optimal solution. This system solves the problems of accounting for contracts, maintaining a database of counterparties, monitoring deadlines, printing according to custom templates (contracts, invoices, invoices, acts, etc.), monitoring phased execution, maintaining an archive of attached materials. The program provides for various types of jobs (manager, director, performer, etc.).

Data room offers services for managing digital processes and documents. The software vendors provide a full range of services for building digital interaction: they analyze business processes, create, implement and maintain IT solutions for organizations of various sizes and industries. Data room is commonly used during real estate, M&A, venture capital, private equity, and other transactions.

One of the main trends in 2020 is the merging of the functionality of the digital data room and BPM systems within Low-code platforms for digital business transformation. Platforms of this type allow companies to get away from working with structured data and create a wide variety of applications that combine work with content, data, business processes, and analytics in a single automation loop.

What are the benefits?

Data room system supports the life cycle of work with contracts: from project registration to contract closure, it makes contract activities transparent and well-coordinated. Data room solution is safe, stable, and relatively cheap. And these are not all the advantages of cloud solutions:

  • reducing the time and cost of building and maintaining the electronic archive;
  • improving the efficiency of business processes;
  • easy and fast search, thanks to a streamlined interface;
  • simplified preparation for inspections and reporting to regulatory authorities;
  • increasing the speed of information processing;
  • the ability to control large amounts of information;
  • enchasing the consistency of staff actions and the quality of their work;
  • automation of manual labor;
  • parallel solution of several tasks;
  • quick decision-making in stereotypical situations;
  • reducing the number of errors and improving the accuracy of management;
  • increasing the transparency of business and its manufacturability.
  • The top of the most commonly-used data rooms

    According to Garther, the global automation market in 2019 was about $ 36.5 billion with an average annual growth rate of 15.1%, which indicates a significant increase in demand for data room software products due to the awareness of business leaders and managers of business process automation. Specialists of the information systems design center determine the top 10 data rooms in the IT marketplace:

    1. Intralinks
    2. iDeals
    3. Digify
    4. Firmex
    5. Brainloop
    6. Onehub
    7. Securedocs
    8. ShareVault
    9. Box
    10. Merill Data Room.

    Thus, the global informatization of society leads to the fact that the data room automation systems of the enterprise are now gradually transformed from the competitive advantage of the enterprise into the necessary standard, without which modern business in market conditions can not exist. Real-time data analysis is associated with the evolution of modern business automation systems towards real-time transaction processing, which allows you to fully synchronize operations.