Any deal is the result of negotiations, and in the process of their conduct, documents are born. Business is a non-stop conclusion and implementation of agreements. There are two ways to effectively deal with management – transaction room or data room. So, what is the difference?
What is a transaction room?
Transaction room is a ready-made centralized expandable solution for automating the workflow and archive of a geographically distributed organization. The system includes a unique set of functionalities for comfortable daily work.
The system ensures the movement of documents in accordance with generally accepted standards and internal requirements of the Customer, regardless of the structure, scope, and specifics of its activities. Transaction room makes the entire document flow transparent, controllable, and standardized, offering uniform templates for documents of all types and automating the most labor-intensive and critical areas.
The room ensures the following functions:
- registration, distribution for familiarization, coordination, and approval of documents;
- the imposition of resolutions, the appointment of responsible, executors and co-executors;
- control over the execution of documents and orders;
- fast and convenient search for documents;
- setting up the stages of document processing;
- systematization of accounting and storage of documents;
- scanning of paper documents directly in the system,
- archiving of inactive documents;
- management of access rights to documents.
- setting access rights for various types of documents using a hierarchical personnel structure;
- simple and intuitive tools that work in all system modules: search, document processing stages, approval, distribution;
- organization of multi-user work and a ban on simultaneous editing of a document by several users;
- combining frequently performed operations into a continuous sequence – technological chains;
- setting up processing stages for each specific type of document, with its help, the sequence of document passage through the instances is assigned.
- Efficient data workflow. Standardization and automation of all processes in the enterprise, which is achieved by the introduction of VDRs, allows for more efficient use of employees' working time. At the same time, the time for completing work tasks is also reduced. In turn, management gets the opportunity to quickly find out the efficiency of each employee, and, if necessary, correct his work.
- Reliability. Support for the transactional model guarantees the integrity of data throughout all stages of their life cycle. Managed SQL and file storages allow you to organize reliable storage of documents. The data room uses the following security measure: data encryption, access data control, two-factor authentication.
- Increasing flexibility. Automation transforms business processes, and this allows you to make the right decisions. VDR solutions help to reduce mundane paperwork and manual intervention and make the process flawless and fast.
How does the data room function?
Virtual data room is a flexible and powerful electronic document management system based on simple principles. The software provides effective organization and control of business processes based on workflow: approval of documents, processing of complex orders, preparation and holding of meetings, support of the sales cycle, and other interactive processes.
There are the following service functions to increase the overall speed of task execution and ensure the efficiency and safety of collaboration:
What is the difference?
In comparison to transaction room, VDR software is a more universal tool that meets the highest standards of data security. Data room is developed on the basis of the business process management systems. The functionality of the VDR systems is quite extensive – from monitoring to the development of new processes in the enterprise. Using this software, the company can flexibly adapt to the market situation, promptly responding to changes in the business environment.
Besides, VDR software has the following advantages: