Data Room Services: Pricing, Secure Deals, & Transactions

Often the longest transaction stage between companies is the conclusion of an agreement. Creating, approving, signing, and exchanging paper documents can take two weeks to a month. Signing by a counterparty in the digital data room will take a few minutes. So, how does the software work?

Digital data room – an indispensable business tool

The sharply increased popularity of digital data room services is quite understandable. With the onset of the pandemic, the world is faced with a reality in which company employees, suppliers, partners, and counterparties do not have any options for exchanging documents except for transferring this process online, i.e., in electronic form. The main advantage of the data room technology is that the signing and approval of documents, their exchange, and transfer take a few minutes. In contrast, each document is legally significant and 100% authentic, certified by an electronic digital signature.

What is much more important for business, especially for medium and small segments, is that the data room is a way to save on delivery services and couriers. In the first place, today are products and solutions that allow you to reduce costs as soon as possible, here and now, while not slowing down or violating the quality of business processes within the company. The logistics of the paper workflow have always been, to put it mildly, not cheap, and the cost factor plays a very significant role in the current realities. And if you can get rid of sending and sending paper samples and copies of documents, this in itself is already a significant achievement. It is worth noting the readiness of data room providers to support businesses in a difficult situations. Many companies offer electronic deal management tools with discounts on tariffs.

Software benefits for secure deals and transactions

The advantages of the data room solutions over traditional forms are expressed in cost savings that make up transaction costs for the circulation of official documentation between counterparties. It manifests itself in the following benefits:

  • reduction of labor and time costs of employees for working with documents, which leads not only to an increase in the efficiency of working with information but also to saving labor costs for employees and, accordingly, the wage fund;

  • savings on stationery and mailing costs;

  • reducing the number of errors due to automated reconciliation of accounts, eliminating duplicates and loss of documents due to a single registration system;

  • increasing the efficiency of obtaining information, reducing the time spent on coordinating and making decisions, as well as bringing the decision to the executors;

  • establishing links between documents, simplifying the search for documents and quick access to information;

  • document access control and differentiation of rights for operations with documents due to the implementation of various access levels, as well as cryptographic protection and the ability to determine the source of information leakage;

  • increasing the transparency of business processes and executive discipline, the emergence of information that contributes to the optimization of management processes in the company.

How much does the data room cost?

Most data room vendors have free versions and premium versions.Aside from free and paid subscriptions, the vdr virtual data room offers 15 GB of storage space and basic features. This tool can focus on closing the deal or managing documents.

The data room pricing policy depends on:

  • the number of project pages;

  • the number of users;

  • the storage volume;

  • security measures.

Based on the description of your business, goals, and main tasks that need to be solved, they will compile a list of those processes that can be optimized with the help of a specific system.