Cooperation with a founding partner in Virtual Data Rooms

Interaction with partners is an integral part of the workflow for many companies. Building good relationships and finding a win-win formula is never easy. But Virtual Data Room can help here.

The concept of online business cooperation

A partnership is a model in which a business is founded and developed by several people. Moreover, it can be either friends or acquaintances, or absolutely strangers with a common idea. Collaboration is a similar model. Often these definitions are confused without capturing the main difference.

First of all, a partnership is a system of relationships between partners, at the same time a partner acts in several guises – it is a lawyer, and a manager, and a business owner, and a leader within the organization.

Nowadays online cooperation is based on file-sharing platforms and document automation systems. The electronic document management system is an organizational and technical system that provides the process of creating, controlling access, and distribution of electronic documents in computer networks, as well as provides control over the flow of documents in the organization.

Such systems allow to automate traditional office work, organize electronic archives of documents, organize processes of work with incoming/outgoing correspondence, support internal documentation at the enterprise, work with appeals of citizens, and solve other problems. The system can be easily reconfigured to take into account the specifics of each particular enterprise.

The main principle of electronic document management in business cooperation:

  • One-time restoration of the document
  • Possibility of parallel execution of new operations with the help of speeding up the hour of documents and the advancement of efficiency
  • No interruption of the document
  • A single database of documentary information for centralized collection of documents and enabling the possibility of duplication of documents
  • An effectively organized system of document push
  • The system of validity for the different statuses and attributes of documents has been approved, which allows the control of documents in the processes of document circulation.

Data Room – a reliable collaborative workspace

Virtual Data Room is an integrated system based on information technology for managing internal and external resources of the enterprise. The purpose of the software is to facilitate the flow of information between all business units (business functions) within the enterprise and information support of relations with other enterprises. Built, as a rule, on a centralized database, VDRs form a standardized, unified information collaborative space of the enterprise. So, this software combines file-sharing and document management modules.

Data Room system modules are interconnected, define numerous business processes, and provide data transfer between partners. By collecting operational data from a variety of sources, the software ensures data integrity, being essentially a single source of reliable data.

Data Room management systems meet the following requirements for business cooperation:

  • scalability (support for any number of users);
  • distribution (interaction of delimited platforms for work in the organizations distributed territorially);
  • modularity (the system should consist of separate modules integrated);
  • openness (the system must have open interfaces for possible refinement and integration with other systems);
  • the transparency of the movement of documents in the internal system of the enterprise, the ability of management to control changes in the status and status of the document at all stages of its existence and approval.