Everyone who is even a little bit interested in workflow products has probably heard of iDeals. This virtual platform is considered one of the best in today’s business software market. According to customers and experts, it combines everything you need for collaboration and transactions. But we offer to learn not only about the basics, but also about the unconventional advantages of Ideals data room.
What is the iDeals virtual room good for?
According to the majority of clients, this virtual platform is the best way to organize the workflow for companies specializing in real estate transactions. But don’t limit this virtual platform to one area of business activities – its tools are universal and flexible enough to be useful for companies in other industries as well.
The options of iDeals can be used in a traditional way, in particular for the following purposes:
Creating a file repository with a convenient and clear search system;
Working with documents at all stages of the transaction;
Checking due diligence for business security;
Protection of confidential data and data with restricted access.
We will not focus on how you can use iDeals to organize your work – you can do it yourself by contacting the provider. We would like to talk about how you can use iDeals in a non-traditional way.
Unusual ways of using data room M&A
The iDeals virtual data room control panel has many useful options that can be used both for organizing work and for unconventional activities. For example, virtual data rooms can also be used for the following purposes:
Searching for new employees. Analyzing the list of business contacts given access to the data room can also be used to find suitable candidates in the company.
Employee onboarding. The iDeals toolbar also allows you to create a kind of a support center, where you will find answers to the most popular questions, from the peculiarities of workflow to the subtleties of making a deal.
Organize informal communication. Virtual Data Room tools can be used for organizing small working chats, where group members can discuss business questions in a more relaxed way. At the same time, the number of participants according to their interests can be adjusted independently by appointing a chat administrator.
Thus, you can get much more than the developers of the virtual data room offer. iDeals makes it possible to:
Introduce new corporate values;
Create a less formal atmosphere in the team without losing their qualifications and professionalism;
Track the work process not only by the main indicators but also by the mood of the company employees.
With the help of iDeals tools you will be able not only to organize a thoughtful workflow, but also communicate with your employees, customers and business partners at all stages of the transaction with consistently high qualifications.
Virtual data rooms are increasingly being used for collaboration within companies, as well as with third parties – business partners, clients, regulatory bodies. Collaboration data rooms offer many benefits for users, which leads to their popularity among clients around the world. Learn more about the benefits of virtual collaboration data rooms.
How do shared virtual rooms work?
To better understand the benefits of collaboration through virtual data rooms, you need to learn more about how it works. Typically, such rooms are a virtual space that can be used to work, store and share documents. Only registered users who are given access to this storage space can take advantage of the benefits of working through a virtual room.
In addition, virtual data rooms have distinctive features:
Flexibility, which makes it possible to use them in the work of companies regardless of their size and the specifics of their activities;
Scalability – the capabilities of a virtual collaboration platform can expand as a company grows;
Productivity – the execution of basic work operations takes only a few minutes, which gives an opportunity to revise and improve the workflow.
It’s also worth remembering that virtual data rooms are the best collaboration solution available today. You no longer need to go to the office through their use – it is enough to use the access provided from any user device.
Protecting confidential business information
The benefits of virtual data rooms for collaboration are not limited to their speed and convenience to users. Their main advantage is a high level of data protection with limited access. In particular, many manufacturers offer the following solutions for corporate data security:
Tiered access. To enter a virtual room, it is not enough to enter only your login and password. Some providers also offer an additional mechanism for user authentication, for example, by sending messages with a one-time access code.
User activity log. Some virtual room dashboards have options for recording and tracking the actions of each user. Such security measures make it possible to track the time of visits, the duration of the session, and the actions that were performed through a particular account.
Encryption systems. Each time someone tries to get unauthorized access to documents with confidential information the security system sends a message to the administrator, and mechanisms of automatic page data blocking and encryption are activated.
Due to wide possibilities of corporate data protection virtual rooms are the best solution for collaborative work organization. It is possible to choose the number of users and the amount of rights they can use during their work, as well as to monitor their behavior during visits to the virtual storage.
If you feel that virtual data rooms are not for your company, you should reconsider your position. After all, the demand for virtual rooms is growing every day and gradually the entire business world will move to virtual collaboration. Therefore if you do not want to lag behind progress – it is high time to find the ideal solution for your company.
The key to successful document management in a company is a well-thought-out system for storing corporate documents. And it does not matter whether it is the storage of paper copies or the storage of digital documents. Due to the use of special software for organizing work online, new opportunities opened up for the development of a complete due diligence folder structure. Learn about the importance of a well-thought-out filing system in the company and what the internal due diligence folder structure looks like in our article.
What is a due diligence folder?
As such, there is no separate definition in the lexicon of document science for documents and folders used in the due diligence process. However, based on the experience of many companies that do or have dealt with such activities, there is such a concept as a data room index. It represents the totality of documents and files that are stored in a virtual data room.
If you apply this concept to the due diligence process, then the due diligence index is all the documents that are used in the due diligence process and structured according to the company’s data storage system.
What do I need to know about storing key documents about a company?
The folder structure that is used to store documents – particularly those that relate to a company’s operations – is necessary to:
Optimize time for information processing;
Reducing the cost of maintaining file storage systems;
Providing a higher level of data protection, including corporate and confidential information.
The folder structure within the repository, which is used to conduct due diligence assessment, is a system of several levels, each part of which is linked to each other. Such a structure should primarily reflect the business model on which a company’s operations are based. In addition, it should be easy to use, with an intuitive system of searching for necessary documents which can be used by both company employees and third parties.
To create the most efficient system of storing information in the virtual data room, you can use the following tips:
Start by organizing documents into the main category that displays the theme of a particular folder;
If there is a need, you can divide important information into several main folders for better storage organization;
Use a system of subfolders to store detailed information;
Each sub-folder should be part of one of the top-level folders to ensure that the same type of information is stored;
Each subfolder can contain smaller subfolders with important information for due diligence assessments.
The end result can be a whole system of interconnected folders. In order to ensure that the information placed in them can be searched and used effectively, you should also think about a search engine. You can set it up with virtual data room tools.