Business owners are always looking for ways to optimize business processes. As a result, many people opt for electronic document management to improve their work. This article will consider two available variants – online document management services vs data rooms.
Online document management options
Documentation is an integral part of the work of any company. The effectiveness of management decisions and the organization’s activities depend on the quality and algorithm of working with it.
The issue of document management is essential for all links involved in business processes. A well-established document management system in the company makes it possible to reduce the operating time and direct it to more critical tasks. It is especially true for enterprises that face the need to receive, process, and store several hundred documents every day.
For the company, the transition to electronic document management means converting all document flows into digital electronic form and automating document processing. The company has the right to independently develop the order of electronic document management and choose the software for its operation.
Document management is essential. The process of exchanging data seems so simple that those involved hardly give it a second thought. But everything has to be right in the process not to frustrate those involved and protect the data from cybercriminals.
When looking for a suitable document management solution, most IT teams consider four key factors:
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Is the solution easy to use?
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Is the data transfer fast enough?
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Is the solution safe from hackers?
When considering all of these critical aspects when evaluating the best document management solution for your business, the ultimate decision may be the type of files you’re sharing. Some contain data that requires high levels of security and compliance, while others may not require special protection.
Document management service or data room software?
Given that most document management platforms transfer files at about the same speed, security and compliance are the factors that IT leaders look most closely at when considering a document management solution. In this context, end-to-end encryption and the ability to assign access rights are essential to prevent hackers or the host system from gaining access to the data. Therefore, most companies look for more secure and reliable solutions like virtual data rooms.
Best data rooms allow solving complex organizational and technical tasks facing the corporate document management system. In addition, modern technologies provide a clear structural organization of documents and their security, which is essential in a highly competitive environment.
Data room software provides the following benefits in comparison to online document management platforms:
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Service. Specialized project managers take care of the setup of your project – from the collection and digitization of all documents to the structuring of the data room.
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Speed. The software offers several features that ensure fast document processing so that your documentation is always up to date and easily accessible anytime, anywhere.
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Security. It complies with EU data protection legislation and multi-factor authentication, and other features for your safety.
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Q&A process. The new Q&A workflow is so intuitive that it can be set up in just a few minutes. Even complex Q&A processes with multiple approval levels by different specialists are easy to configure.
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Better collaboration. The system provides automation of the entire work cycle with documents and allows you to streamline the interaction between employees and monitor working time.