The average American uses 680 pounds of paper every year. Much of that amount comes from the fact that most offices run on printed documents.
While 680 pounds per person is a harrowing number for anybody that’s concerned with the environment, there’s a silver lining.
Many people are starting to go digital when it comes to sharing and receiving documents. This trend has been bolstered big time by the rise of data room software.
Data room software is an application that stores highly sensitive documents online so teams can collaborate on and engage with said documents over the internet.
Whether you’re in mergers and acquisitions or another line of business where getting deals done is important to your operation, you can benefit from a solid data room. Here are some key advantages that they provide.
1. Reduced Expenses
When you need to get a deal signed by a party that’s located outside of your office, how do you usually handle that? if you’re like most businesses, you put your contract in a FedEx envelope and send it out.
While priority mail services can be fast, the cost involved in getting documents to their destination same-day or even within two-days can be astronomical when you multiply the number by the number of deals that you do.
Data room software like the dataroom provided by dataroom24.com and similarly excellent products allow you to circumvent that costly process by uploading your documents to the cloud and having parties sign on their computer.
2. Data Security
Data breaches cost businesses 3.9 million dollars in damages. If that’s an amount of money that you’d rather not part with, taking the security of your sensitive online data seriously should always be at the top of your mind.
Robust data room software is 100% encrypted and secured which makes attempts to intercept your online documents hard if not impossible.
3. Deal Speed
Time is always of the essence in business. If you, on average, take 3-days longer to close deals than your competition, we’re willing to bet that your competition is eventually going to own your clients.
Data rooms enable companies like yours to pick up the pace on collaboration, sharing and closing out contracts when managing lucrative mergers, acquisitions or other pertinent dealings that relate to your industry niche.
4. Robust Controls
Data rooms give you unprecedented control over who sees and interacts with your digital documents.
Even if your whole team has access to a data room, you can restrict each team member’s document permissions on a case-by-case basis. This deepens the level of control that data room users can impose on documents that call for deeper security protocols.
5. Collaboration Made Simple
A good data room includes outstanding note sharing features that allow remote parties to comment on documents.
This enables parties to share fast feedback which quickens the updating of contracts and other materials leading to faster closures of the deals that matter most to your organization.
Final Thoughts on Data Room Software
Whether you need a means to digitally send, collaborate, solicit feedback or sign documents, data room software is an outstanding solution that many businesses are turning to.
We wish you the best as you explore which data room options are best for you and invite you to read more of the business optimization content on our blog!