Following iDeals virtual data room reviews, the software has become the preferred virtual data room (VDR) provider for leading financial institutions, hedge funds, investment banks, real estate firms, and global legal organizations. This article is a review of the iDeals data room.
iDeals data room: how to work with sensitive data?
The organization of work with documents during business transactions requires clarity, order, and execution of the decisions made. Even a streamlined process, including all stages of working with files from the moment they are received, registered, and issued a resolution, to the moment of execution, control and reporting, can fail. The reason for this is the human factor with all the ensuing consequences. Therefore, the data management of the enterprise seeks to automate the processes of document management, reducing the participation of employees. The iDeals data room helps to improve deals management efficiency.
iDeals data room provides the organization of joint work with documents and allows companies to automate the processes associated with the preparation, approval of documents, and control over the implementation of contractual discipline. In the course of negotiating the terms of the contract, the coordinating persons have the opportunity to document their comments and suggestions on it. Based on the results of familiarization with the draft agreement, the coordinating persons establish one of the following resolutions: agreed, agreed with amendments, rejected. All comments and proposals made under the contract are stored in the program database and can be generated in the form of a report by the approving person.
Basic data room functions that are beneficial for efficient deal management include:
- Structuring documents by folders. A document in the system is not a single file, but an object called “Document Card”. It contains all information about the document – a set of files related to the document of instructions, etc.;
- Versioning of documents and cards is a feature that allows you to look into the history of document changes. For each version, the author, date, and time are indicated;
- Automated business processes. iDeals provides for standard workflows – approval, execution, and familiarization with the document. Document workflows are configured during the implementation of the software in the organization, depending on its specifics;
- Document templates – for approved forms of documents in an organization, it is convenient to create document templates in the system so that employees have access to them, and they do not have to look for previously created documents of this type, and then edit them, creating a new document based on them;
- Electronic digital signature of a document – implemented to protect documents from falsification. The signature confirms the authorship of the document and protects its content from distortion;
- Notification system – the user can receive notifications by mail about new orders, changes in the status of the order, deadlines, etc. Through the link in the notification, you can go to the task to complete it.
iDeals VDR pricing policy
As in any other industry, there are price differences in the field of data rooms, since newcomers cannot use a comparable price module for a well-known VDR provider.
iDeals provider offers plans for large-scaleб mediumб and small projects, as well as for business-class business operations. The price for services depends on:
- the number of participants,
- storage volume;
- the number of projects.
Besides, iDeals data room ensures a free trial version, that allows you to test the product and make a better decision about the suitability of the data room for a specific project.