Real-Time Document Collaboration in Virtual Data Room

Creating an open and secure business environment requires Virtual Data Room technology that would allow you to operate remotely with all the necessary data. 

Document collaboration – the main element of effective teamwork

In contrast to the means of managing workflows, focused on supporting formalized production processes, the means of organizing joint work allow to establish interaction in cases that are not subject to strict formalization. Everything related to creative work, and where there is a negotiation process, requires a flexible approach, so no one includes customers, suppliers, and partners in the internal business processes of the organization. It is also difficult to organize a free exchange of ideas and information in teams involved in developing a new product or service. In this case, you need products that have sufficient functionality in document management on the one hand, and the ability to control the process – on the other. We talk about Virtual Data Rooms. 

Such services provide technologies based on the concept of cloud computing. Cloud computing is an approach to hosting, providing, and using software applications and computer computing resources, in which they are available via the Internet in the form of services on various platforms and devices.

Working with documents is an important element of effective group work in a Data Room. For example, the function of co-authorship is used in spreadsheets or creating a business plan. It is very important to know how to work with documents, as this helps to make the best choice according to your own needs and to optimize the work with data.

Ways to work with documents

There are different ways to collaborate with documents:

  • Semi-official co-authorship (several authors simultaneously edit any part of the document). For example, the development of the organization’s budget in MS Excel.
  • Official collaboration (several authors simultaneously change the content and save it when it is ready for public use. Changing the content is controlled). 
  • Adding comments and reviews. The lead author asks you to edit and add comments by submitting the document to the workflow, but only he manages the final publication of the document. 
  • Sets of documents. Several authors are assigned separate documents within the work cycle, after which one set of main documents is published. 

Data Room – an effective resource for sharing files with your colleagues

Data Room provides movement of documents in the organization from the moment of their creation or receipt to completion of execution or sending, a set of works with documents: reception, registration, mailing, control of execution, formation of cases, storage, and reuse of documentation, reference work.

Basic principles of document collaboration in the Data Room

  • One-time document registration, which allows you to uniquely identify the document in any installation of this system.
  • Possibility of parallel execution of operations that allows to reduce the time of movement of documents and to increase the efficiency of their execution. It also indicates the collaboration with other users, for instance, sell side M&A in real-time.
  • Continuity of document movement, which allows identifying the person responsible for the execution of the document (task) at each moment of the document (process).
  • Unified (or agreed distributed) database of documentary information, which allows avoiding duplication of documents.
  • Effectively organized document search system that allows you to find a document with minimal information about it.
  • The developed reporting system for different statuses and attributes of documents, which allows you to control the movement of documents and make management decisions based on these reports.

Author: LoraineJohns