Let’s explore the use of Virtual Data Rooms as a valuable tool for Multi-Project Management. Delve into the benefits of utilizing Virtual Data Rooms and the key steps to implement them effectively in a multi-project environment in the article below.
Data management in the process of digital transformation
Nowadays, it is important to have all information in a digital and structured form in a database for advanced document management. So you can search all documents saved in PaperOffice like Google. You can also set rules about who can access, modify, and delete/archive your information.
When you run a company, no matter how big or small, you have to manage Digital transformation in some way. If you use traditional methods of data management, such as paper files, your documentation system can be time-consuming and insecure. Online businesses must protect themselves and their valuable customers from cyber threats at all costs. Cybercriminals can get hold of sensitive business information and hold it for ransom or blackmail customers, causing your business financial and reputational crisis.
A logical model of Digital Transformation is built by determining its purpose and the timing of the start of each of the processes. At the logical level, issues of functional characteristics of the electronic document management system (input and output of data, data processing, security policy protocols, case management rules, drawing up of forms, periodicity of reports, etc.) are resolved. The logic of document flow is presented in the form of a sequence of actions that lead to a change in the status of documents in the document flow system. Thus, a logical sequence of actions is formed, which transforms the document from the initial state to the required final state.
The Multi-Project Management with the Virtual Data Room allows the keep of document keys as follows: the public key of the recipient is stored in the system and is available to every user; when sending a file, this file is encrypted with this key, and only the recipient can decrypt the file with his private key. But if the file needs to be sent to many recipients, Project Collaboration must be performed as many times as there are recipients. Thus, the same file will be duplicated in the system.
Benefits of Using Virtual Data Rooms for Multi-Project Management
The iDeals data room company, founded in 2008, is a universal secure data storage solution for companies of any type and size. iDeals also makes board meetings easier and more connected through a digital boardroom. Important features include the use of two-factor authentication, Document Version Control, certification according to GDPR and ISO/IEC 27001:2013, customization for any brand and any appearance within the framework of available product technologies, Access Control, integration with Active Directory, data encryption, and deep event logging.
Among the main benefits of using Centralized Data Storage for multi-project management are the following:
- Clear interface with the ability to customize.
- High level of security, a wide range of security, and access control settings.
- Ease of use on mobile devices.
- Real-time Collaboration.
- Flexible tariff plans allow for both short-term access for quick transactions and rental of data storage for long-term needs.
Implementing Virtual Data Rooms in Multi-Project Environments
Document flow in business is a system that materializes the processes of collecting, transforming, and storing information, as well as management processes: preparation and decision-making, and control over their implementation. Choosing the Right VDR Provider will significantly improve all these procedures; therefore, its purpose and role as an element of electronic governance are already extremely important today and should take their proper place.
One of the pillars of Integration with Project Management Software is the document flow mechanism. This allows you to specify each step of the Data Classification process with its associated activities and dependencies, as well as the departments and roles involved. It can also define automatic notifications that will be activated depending on actions and events that occur throughout the Cost-Benefit Analysis. All this not only minimizes the time spent on task management but also minimizes the likelihood of forgetfulness and mistakes in the work process.
Overcoming Challenges and Pitfalls in Virtual Data Room Adoption
The main advantage of Virtual data room adoption is that it can benefit almost any organizational unit – from sales and customer service to recruiting, marketing, Regulatory Challenges, and business development. Keeping all information about customers in one place, registering service problems, and User Resistance, identifying sales opportunities, and Costs, Scaling, and managing marketing campaigns are just a few of the possibilities provided by the data room.
Because VDR provides quick access to data, it becomes much easier for users to collaborate with each other – as a result, issues like Data Breaches and Integration Issues are solved, and productivity increases. Another strong argument in favor of VDR for overcoming challenges is that the system is suitable for companies of any size and any industry – banks, real estate agencies, large manufacturing enterprises, transport companies, distributors, telecommunications companies, government agencies, and many others.