An Updated Virtual Data Room Comparison Focused On Deal Management

All analytics, planning, reporting, have long gone into a convenient digital form, so it is now impossible to imagine running even the simplest business deal without a Virtual Data Room system. So, what are the best software vendors for deal management?

To use Virtual Data Room for deal management?

Nowadays companies are always looking for ways to improve efficiency and improve processes in all areas of their business. By leveraging application programming interfaces (APIs) between deal management technology and other systems, deal professionals can work more efficiently across multiple areas of the business. Companies need to demonstrate that the limitations of their current system create enough missed opportunities to call for change. Virtual Data Room (VDR) is the only way to improve business efficiency and the effectiveness of a company’s deal management system. It is a digital platform for the secure distribution of sensitive business data between contractors.

VDR solution allows you to build and automate the deal management process from order processing to closing a deal, so you can quickly start using best practices to improve the efficiency of your company. Moreover, the system allows you to adjust template business processes and create new unique business processes without programming. Thus, the program adapts to the needs of the business and the sales department.

The main advantage of automating business processes in the Data Room software is transparency. The transparency of the order and transaction management process is needed not only by the management. This is also a favorable change for employees, which has the following advantages: a clear distribution of responsibilities, the possibility of real planning, and minimization of the rush work. In addition, a clear understanding of the business process by the employee leads to a better understanding of both their work and the goals of the company.

How Data Room vendors organize business transactions: an updated comparison

Following virtual data room comparison, nowadays you can easily organize your deals management with the help of the following Data Room providers:

  • Firmex
  • IDeals
  • Intralinks
  • Box
  • FirmRoom
  • DealRoom
  • Fordata
  • Ansarada
  • ShareVault.

Such Data Rooms can create various types of transactions. In simple words, you can configure all possible scenarios in the system through which transactions can move. For example, the type of transaction “New deal”, if the client first contacted the company. As a rule, this view is used by default. Or the customer may contact you again. In this case, the manager can manually change the type of transaction, its stages, and the sequence of work.

The use of the Data Room deal management opens up the following opportunities for the company:

  • When you change the stage, tasks will be created automatically.
  • Each stage of the transaction has its duration, the system will remind you of its end.
  • Users will receive hints.
  • Performing tasks at each stage, the user will receive a new one automatically.
  • Within the framework of the transaction, you can quickly generate documents, for example, by clicking on the button, you can create a new order or a commercial offer.
  • Customer surveys can be carried out both within the framework of the whole transaction, as well as within the framework of a specific stage.
  • Business processes can be launched from the deal.
  • Within the framework of the transaction, the entire history of the relationship with the client is stored.
  • The list of deals is always available to the user from the desktop.