All types of businesses are actively studying and implementing VDR systems. The software has become a global trend, over 90 percent of foreign B2B companies employing more than 10 people use it. What does this system give and does your business need it specifically?
What is a virtual data room?
Without a competent approach to customers, it is difficult to keep the blow of competitors in the modern market. But when there is a lot of information about consumers, it is simply impossible to do without automated technologies. That’s why you need reliable virtual data room providers.
A virtual data room (VDR) is a useful and effective tool that helps the company in organizing interaction with customers and coordinating the work of various departments of the company during business transactions.
It performs several functions at the same time:
- Contributes to facilitating the management of the company with a transparent vision of all business procedures.
- Increases the efficiency of the management department.
- Reduces the overall workload on staff due to the automation of key processes.
- It makes it possible to speed up the passage of customers through the sales line.
- Helps increase profits.
The main VDR benefit is the ability to create a tool for a specific business that will solve targeted problems. This allows us to offer customers unique conditions, stand out from competitors and increase business efficiency.
3 VDR implementation best practices
The possibilities of the data room are both individual and unlimited at the same time. Everything depends on the specifics of the company, tasks, scale, etc. Here are 3 VDR implementation best practices:
Automation
If you correctly implement data room software, establish business processes in it, you can automate up to 95% of tasks, both routine and serious. Previously, it took the manager 1.5 hours to draw up a contract, clarify details, search for important information. By implementing automatic generation of a contract from a customer card, it takes 2 minutes. Data about the client’s company and all important parameters, including the current date, cost, etc., are automatically added to the standard dock. Besides, client base – if the automatic formation of transactions and clients is configured, then there will be no missed calls, which means that you will not lose potential clients.
Data storing
If a businessman stores important information on stickers, in notebooks, or in dozens of programs, he is unlikely to be able to quickly find the right contact, address, or letter. VDR will help in this matter. The software helps to:
- organize information about partners and customers in the form of convenient cards;
- save data in one place, including information about transactions, important calls, amendments, invoices, and more;
- promptly segment completed transactions with clients by any indicators through a filtering system.
Analytics
Once you have organized, understandable data, it becomes much easier to analyze it. Moreover, VDR can display the indicators you need in clear, convenient graphs and charts. You can evaluate which of the managers closes more deals, which deals are the most profitable for you, what payments are expected in the next month. The software provides:
- Control of any department – the actions of sales managers, phone call recordings, correspondence history, the stage of the funnel for each client, and the status of transactions – all this can be tracked.
- Dashboards — display financial indicators on 1 screen, analyze conversion, employee performance, planned receipts this month, etc.
- Integrations with marketing – which advertising channel, a key phrase brought a particular client, how much it cost the company when it will pay off, etc.