The digital data room is a cloud service designed to automate data flow in business transactions. No matter where you are, it allows you to send or process documents according to the prescribed business procedure and speed them using full-text search and bookmarking functionality.
Virtual data room for easy data management
The basis for the emergence of any relationship with counterparties is the conclusion of a contract or agreement. There are many types of business deals, but this does not affect the degree of importance of their accounting. As a rule, the approval and conclusion process is lengthy and complex. Still, a great difficulty arises when it comes to accounting for contracts and, one way or another, related documents. The problem lies in tracking information about the status of the document, its location, relevance, status of invoices, specifications issued based on a concluded contract, etc. It is better to use a virtual data room like Datasite to manage the movement of an enterprise’s contractual funds to optimize monitoring business transactions and related documentation. The capabilities of this information system will significantly facilitate the implementation of many operations by performing them automatically. It will not be necessary to raise a considerable amount of documentation, correspondence with contractors, or involve employees to find out the status of the document and its location. It will be enough to go into the data room, open the contract register and get all the necessary information by the number of the required document or by the name of the counterparty’s company. Using a data room is much more secure than open cloud services, email, or instant messengers.
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How to organize full-text search in the system?
The Datasite data room enables its customers to have complete control over their documents at all times. Even if several users are working with one document, users can also choose between different logging levels and decide which should be reconstructed. It ensures audit-proof documentation at all times. With this software, companies can tag every document and thus find individual documents quickly and easily. The integrated full-text search in the data room records all documents and papers – even in different languages.
In the full-text search, documents can be indexed and found again particularly easily. The technology used was made even more user-friendly and adapted to handling very large documents. It is beneficial for large individual documents such as Microsoft Excel files or extensive plans and presentations, which often occur in due diligence, M&A, or real estate deals.
The document search mechanism in the data room software provides the user with the ability to search for documents:
- on the selected server;
- on all available servers;
- by selected document attributes;
- using a barcode scanner.
The primary purpose of automation, of course, is to reduce the time for processing documentation. In a paper version, it will take much more time to search for a document than to search for it in an electronic database. In addition, the process of exchanging documents is noticeably accelerated, since you can find it in the information base much faster than going to the next office.