If the company has problems finding documents, and the speed of their processing and execution, then the introduction of a data room is not a fashion for digital transformation but an urgent need. Nowadays, iDeals and Firmex are leading solutions for such purposes. So, which solution to choose for your company?
Firmex and iDeals – leading solutions in the data room market
We operate in a digital world, meaning we must keep up with the technological changes that affect our industry as business owners. Thus, the data management system is one such development. Virtual data room software does fit the bill when it comes to creating and maintaining complex business operations. It is a powerful solution for automating and simplifying work with sensitive business data.
The data room systems like iDeals and Firmex have become a convenient industry standard for information exchange. Compared to the physical data room, VDRs are faster to set up, save travel time and costs and are easier to manage and less expensive. More importantly, they can have important deals done simultaneously in a shorter timeframe. Although VDRs offer many advantages over paper-based data rooms, accuracy and quality remain overriding requirements to reduce the chance of costly damage and missteps during the closing process. The document contains a set of best practices that must be considered when creating, validating, and citing a VDR to reduce testing, risk, and further effort.
Common capabilities of
Common functions of these data room vendors
Today’s businesses require a truly distributed document management architecture. For this purpose, Firmex and iDeals software provides offer the following functions:
- Secure data storage;
- Audit and reports;
- Movement of documents by participants in the approval process;
- Setting up business process regulations, including the procedure for registering documentation (incoming, outgoing), the procedure for approval, editing, approval, etc.;
- Automation of the company’s business processes related to documents.
The quicker you can get the room operational via all uploaded documents, set up users, and assigned access rights, the quicker the due diligence process can begin. Built-in, best-in-class data room features accelerate the development process and drive your business forward. While the number of documents a platform can accumulate is virtually unlimited, the ability to easily upload these documents and retain their free filenames and folder locations is vital.
What are the differences between vendors?
Firmex is a solution for business, investment, biotechnology and pharmacology, government agencies, legal services, foundations, private capital, and other areas where storing, exchanging, and processing information is important and necessary. More than eighty thousand projects are already working on this platform, with about fifteen thousand customers joining each year. Firmex’s data rooms are a highly efficient solution for your business and an incredibly simple and convenient solution. You can also entrust your data to Firmex’s virtual data rooms for the following reasons: functionality, security, 24/7 support, and a fair price.
iDeals solution is ideal for organizations that require a high level of security for specific documents but are also easily accessible to those authorized to process and share them. The software is rightly categorized as an enterprise data management system, although it has extensive workflow capabilities. While iDeals data room offers some of the same features as a file storage and sharing solution, it offers much higher security measures. It is essential for industries that require tight security measures for their files.