Nowadays, the UK market offers a wide selection of virtual data rooms that can meet the requirements and tasks of automating the management activities of an organization but with different software requirements. So, what are the best software solutions?
Virtual data room for transparent deal management
In the traditional model, contracts are usually distributed between their parties by e-mail, sometimes using a document management system. Often in the case of consortiums, the largest participant or an independent company becomes responsible for maintaining the contract and acts as an administrator with access to all data and the ability to change the status of documents. Blockchain technology can significantly improve the data room management system due to the transparency of the contracting process and the creation of a single source of information about ongoing agreements. Such a system will ensure the provision of an up-to-date version of the contract and the ability to promptly revise its terms at any time. In addition, automation of the deal management process based on the virtual data room software is transparent, manageable, and controlled stage of working with contract documents within a single information field.
What are the benefits?
Using the data room workflow automation system in terms of managing contractual activities allows you to:
- Create and collaborate on documents as part of a contractual activity
- Generate contractual documents based on various regulated templates
- Carry out the coordination of contractual documents in all instances (legal department, accounting, financial department, security service, etc.), further approval and signing of the data room, taking into account the powers of the signatory following the regulations (amount of the contract, category of the contract, etc.) in parallel or sequentially
- Ensure registration of contractual documents, sending to counterparties, and control of their return
- Ensure reliable storage of all contractual documents following access rights for the period of fulfillment of obligations under the contract and archival storage in the future
- Organize an operational search for contracts by specified details and by the text of the document
- Generate templates for contractual documents, including joint development, approval, approval, and publication of templates and samples
- Prepare reports in various sections for contract work.
All this makes it possible to significantly increase labor efficiency in the preparation of documents since the entire information space is available to single tools for searching and analyzing data. In preparing new documents, not only personal or collective developments of employees can be easily used, but also fragments or analytical materials obtained based on a study of all (with total control of access rights to information) existing documents. This technology makes it possible to form and successfully operate a single knowledge base in full accordance with the representation of this term in the concept of “knowledge management.”
The UK’s leading data room vendors
The UK IT market offers the following leading data room solutions:
- Citrix ShareFile VDR
- Document Vault
So, the solution is built in such a way as to automate the deal processing life cycle fully. It ensures that contracts are created using only approved clauses, empowering users and providing strong security and complete control over the process. All changes to the counterparty data are displayed in chronological order and are available when viewed from any document associated with this counterparty. The document card shows information about the enterprise, relevant both on the date of creation of the document and on the date of its execution.