Business deal management is a tool to improve the efficiency of any enterprise. The data room software includes ready-made online tools and processes for optimizing deal management in various industries and business models. Here is more about it.
Virtual data room as a deal management software
Contracts are inevitably present in the activities of any enterprise, no matter what it does. And if so, then there is a point of growth for increasing efficiency. Optimizing the contract management strategy often allows you to see a measurable result quickly. In this case, a virtual data room for deal management automation is the best solution.
The data room is based on a powerful business process management platform that allows companies to customize processes of any complexity and branching using custom tools. The main idea of the solution is to combine the functions of document management, user group work, and business process management, as well as traditional office automation systems within one product. The software should be easily configured without the involvement of developer resources, become an active element of business processes, initiating user actions to perform specific tasks.
The data room software provides the following capabilities for transparent and efficient
- settings, storage, and versioning of company document templates;
- routing and hierarchical structure of document storage;
- exchange of legally significant electronic documents with counterparties;
- saving time on creating and coordinating a document, as the selected template automatically eliminates the possibility of spelling and legal errors. Also, due to the automatic filling of reference information that is stored in the system, the case of an error in the data is eliminated;
- automation of the processes of joint preparation, review, certification, approval, and approval of draft documents in electronic form.
How to organize contract negotiations in a data room?
The data room platform supports the full cycle of work with contracts, from preparing documents to fulfilling obligations. In a standard delivery, the solution meets 90% of the requirements of companies and can also be completely reconfigured to suit the customer’s needs. In addition, it optimizes routine operations for processing paper incoming and outgoing documents, the process of coordination and control over the execution of instructions on documents.
The main data room deal screen provides the user with a “Filters and Analytics” dashboard, which presents the status of all deals in the context of the company’s activities, as well as portal access to various information about working with business partners. The information presented here covers the needs of different groups of employees:
- search and presentation in tabular form of important business partners;
- history of contacts with all business partners (with the possibility of attaching relevant documents – orders, requests, activities, potential transactions);
- registration of activities and potential transactions;
- business analysis by partners.
How to manage deals in a data room?
With the help of a data room system, the company manages the sales cycle more effectively, and the results are more predictable. In addition, sales employees get a holistic picture of the prospects for transactions.
All communications between company employees and business partners are planned and recorded as activities. For each transaction, a list of activities is maintained – all actions intended to be carried out to close the transaction. The list contains the entire history of activities on the transaction – both already completed and planned for the future. A convenient mechanism allows managers to control the execution of activities by deadlines.