Although virtual data rooms are primarily designed to support transactions, the options for using the software include any situation where high-security document management and document sharing software is required. In this article, we will consider how to organize productive online meetings with the help of a virtual data room.
Document management during online meetings
In the past, company employees compiled documents and other information in preparation for meetings manually and sent by post or courier for the preparation and follow-up of meetings. Documents that were only available at short notice were also sent by fax.
Today when it comes to meeting management software for business, companies have no choice: the market is full of different solutions. Large companies listed on the stock exchange and medium-sized companies, municipalities, and associations face numerous challenges in the preparation, implementation, and documentation of board meetings, supervisory board meetings, and other committee meetings. Be it concerning the protection of confidential data, compliance regulations, documentation and archiving obligations, virtual conferences, and secure, location-independent access to all relevant meeting documents for all participants in a meeting.
For this purpose, modern companies look for new alternatives to organize productive communication processes. Some choose online document-sharing platforms, and others prefer virtual data room software. Both variants are developed for business-critical data exchange, but the data room platform opens broader possibilities for its users. Thousands of professionals around the world – leading investment banks, law firms, and corporations use data room services.
Virtual data room: make your board meetings more efficient
The Digital data room acts as a central communication and document exchange platform. This software provides additional functions useful for business management. Most modern data room vendors ensure functionality for conducting online board meetings.
Virtual data rooms offer numerous advantages for communicating securely and efficiently. Preparatory meeting documents, such as the invitation with the agenda, draft resolutions, additional information, explanatory presentations, and meeting minutes, are stored on a secure server so that the supervisory board members can view the documents via the Internet anywhere in the world. Moreover, the data room’s solution allows you to create a custom bulletin board that fits your company’s pattern. There, users of the digital conference room can not only upload the necessary documents but also plan meetings and leave important notes. Before during, and after sessions, committee members can access all meeting documents securely and from any location, edit documents, comment on them, and exchange information.
Data room provides the following functions to make work with documents during online meetings more efficient:
instant access of employees to up-to-date information, the possibility of joint processing of documents
- instant document search;
- ability to store multiple versions of documents;
- improvement of interaction between employees;
- reducing the need for additional staff;
- differentiation of access to documents;
- possibility of recovering destroyed documents;
- reducing the cost of storing documents and increasing the reliability of storage.
The electronic data room ensures that the supervisory board members are provided with information in an efficient and timely manner. At the same time, it can serve as an archive for the members of the supervisory board so that they can also look up older documents. However, due to the sensitivity of the data stored there, the security requirements must be high so that no unauthorized person can gain unauthorized access.