It’s a fundamental truth that two brains work better than one, especially when it comes to task workflow and collaboration, where milestones and goals are set and need to be completed in a timely and efficient manner. This definitely applies to M&A and fundraising transactions, financial audits, tax preparation and loan processing where many such tasks inherently require the participation of two or more parties.
So here’s the million dollar question: How can technology leverage the needs of multiple party collaboration in providing a thorough yet cohesive workflow and task management solution?
Issues with Traditional Collaboration
If you’re trying to complete an acquisition, not only are you working internally with colleagues, you’re also working with lawyers, accountants, and other 3rd parties. Files are often shared containing input forms for various pieces of information. And with multiple users emailing back and forth, it’s easy for various versions of this form to get lost in the barrage of communication.
The definitive way to fix this problem is to provide a collaboration service that allows for a singular, consistent copy of files to become accessible for all relevant users. This ensures that no one needs to worry about being up-to-date, providing redundant information or risking the security of the provided content. It’s all available via a safe and secure web server.
Task Collaboration and Privacy
Task collaboration, with the entirety of its benefits, can also raise a concern about privacy. If you’re emailing all of your information, how can you be sure that unwanted guests aren’t gaining critical access through a long list of malicious social engineering tactics?
Hosting online also allows for enhanced security options (such as printing and downloading controls, audit logs, and watermark options) that cannot be found within consumer-focused cloud storage platforms or email correspondence.
For firms that deal with multiple transactions on a regular basis, it’s of paramount importance to ensure that your proprietary information stays safe. A task collaboration platform can guarantee that in ways that other, limited mediums cannot.
Security is a top priority for us at Vault Rooms and our focus is to provide our clients with state-of-the-art features that allow them to exercise complete control over their data room. With so many new and different ways to use virtual data rooms, our clients’ security needs have also become more varied. At Vault Rooms, we work with our clients to customize the features used to perfectly fit their security, collaboration and workflow requirements.
To learn more about our virtual data rooms, get started here: www.vaultrooms.com