business management

What Is The Future of Virtual Data Rooms: trends and market forecast?

Nowadays, more and more companies are constantly looking for opportunities to reduce financial costs and optimize business collaboration. One of the ways to reduce costs is the transition of the company with its counterparties to virtual data room software. Here are data room trends and forecasts.

A virtual data room in a modern business environment

Over the past few years, the demand for data room solutions has increased, and according to experts, this trend will continue. Traditionally, virtual data rooms allow organizations to more effectively manage the creation, approval, editing, and application of electronic documents in practice for business process management. However, today there are pronounced trends in expanding the classic functionality – users form a request for advanced features, such as archive functionality, collaboration services, document profiling, advanced search capabilities, change history tracking, version control, and cybersecurity protection of data room solutions.

In addition to stimulating demand for data rooms by the pandemic, growth is also expected due to the expansion of online transactions in trade and financial services, the digitalization of supply chains in the industry and the consumer sector, as well as through the introduction of omnichannel principles in business relations with customers, partners, and suppliers. So, what is The future of virtual data rooms? New growth points will require developing the following technologies concerning electronic document management and corporate content development.

Key market trends

The global market trend is the desire to reduce costs and optimize work processes. Therefore, data rooms help save employees time and company money. There are many reasons why organizations are moving to online data rooms:

  • Acceleration of all processes related to documents. According to research, employees spend about 8 hours a week looking for the right documents. In addition, they create, fill out, print, take them to offices for approval and signature, send them by mail or courier, and control where they are and at what stage they are being processed. All these processes will take much less time if they are digitized, routed for each document, and automated. Employees will be able to spend more time, not on routine but on strategic tasks.
  • Resource Saving. This business solution allows, firstly, to reduce the cost of printing, purchasing and maintaining printers, delivering documents, renting premises for storing archives, and the like. And secondly, thanks to them, employees spend much less time processing and coordinating documents. Therefore, more resources are left for more important and promising tasks. It also saves the budget for salaries and helps the company grow faster.
  • Safety. Confidentiality of information is easier to ensure if it is stored on secure servers and duplicated in the cloud. Management chooses who has access to which documents and can only be signed with their digital key. In paper form, information is easier to steal or transfer to the wrong people.

What is the future?

According to the business forecast, AI-based data room solutions will become one of the main trends in software market development. We are talking about various assistants that help employees perform routine operations: recognition, classification, sending documents along routes, processing, and smart search. In general, data room implementation projects are becoming more complex and large-scale, and customers are waiting for solutions, on the one hand, with a large package of universal functions, on the other hand, with the maximum possibility of adaptation and customization, a large number of options to choose from, and customizable interfaces.