Nowadays virtual data room solves many tasks that allow companies to optimize business processes, manage and control customer relationships. This article is a guide on how to choose a data room as a business transaction and corporate valuation software solution.
Virtual data room: how to track business deals?
As a business grows, it becomes necessary to have one centralized place where all corporate information is stored. Thanks to cloud solutions, which allow companies to organize all the details of transactions, each employee of the company can easily understand the state of the business and the status of relationships with each client.
Virtual data room (VDR) is a cloud-based solution that provides your company with a platform for real-time team collaboration (from anywhere in the world), while your employees do not need to install an office suite to work with documents.
The basis of the VDR strategy – advanced management and information technology are designed to collect customer data at all stages of the life cycle and select from them the information used to build a mutually beneficial relationship with the company. Companies need to find a unique set of services for each client.
Business processes related to marketing, sales, production, and customer service must be organized within the strategy and be fully integrated with the customer life cycle, and information technology will only change the rules of business processes and nothing more.
Thus, data rooms are based on the following functions:
- availability of a single database, which is instantly entered and in which at any time available data on all cases of interaction with customers;
- synchronization of management of many channels of interaction;
- constant analysis of information collected about customers and making appropriate organizational decisions, such as ranking customers based on their importance to the company, developing an individual approach to customers according to their specific needs and requests.
How to choose VDR as a business transaction and corporate valuation software?
The global market of data room digitale provides a huge number of software alternatives with different functionality. Bur how to choose the best one for your business needs? Here is the basic criterion that should be considered:
- Simplicity and convenience of the interface. In the test version, you will be able to evaluate how intuitive the interface of the system is, whether it is convenient for you to work in it as a user. Within a couple of days, you should get comfortable with the program.
- The flexibility of settings. Be sure to ask the developers how flexible the settings in the system are: how many sales funnels and custom fields can be created, what business processes can be automated, whether it is possible to create new statuses, types, and other parameters for objects on your own, whether it is possible to remove unnecessary functionality from the interface. The more flexible the settings, the more individual needs of your company it will be able to satisfy.
- Reports and statistics. Some VDRs provide a limited set of reports by default: the sales funnel, the number of transactions, the dynamics of new applications and customers, etc. Other systems allow you to independently design any reports, graphs, and charts. You need to make sure the VDR reports on all the metrics you need to track for sales analysis.
- Data security. VDR keeps a complete database of your clients, applications, deals, projects, and financial statements, so data security is very important. It is recommended to pay attention to the restriction of access rights, backup, password, and connection encryption.