The multi-level reporting provided by the data room software allows companies to effectively manage business deals, control the execution of processes, and adequately respond to ongoing changes. So, how to enchase better decision-making via data room reports?
Virtual data room for business analytics
Today, business analytics tools are perceived as a primary component of the IT infrastructure and allow complex processing of information from various sources, including a virtual data room. Elements of business intelligence tools in virtual data rooms have always been present. They include reports on the control of performance discipline, statistics on processed documents, etc. At a time when software functions were reduced to the automation of traditional office workflows, it was possible to get by with ready-made reports within the framework of predetermined control procedures. Today, top virtual data room providers are perceived as systems for automating various corporate processes specific to a particular business. There is an understanding of the need for expanded use of business intelligence tools in the data rooms.
Understanding the effectiveness of internal business processes was and is one of the reasons for introducing the data room. At all times, responsible employees of the organization need to understand how many documents are processed per unit of time, at what speed, how the performance discipline changes, how KPIs are met, etc.
In data room solutions, business analytics is represented by various tools:
- Various reports on working with documents built into solutions. Additional reports can be created using a report generator or a specialized reporting library.
- Infographic tools that visually represent summary information in graphical form and allow you to display this information on the portal, in a report, on the employee’s workplace.
- Intelligent comparison of documents. This tool can be used for comparing different versions of documents (most often contractual ones) and searching for conflicts (contradictions) in regulations, technical documentation, regulatory documents, etc.
Detailed reporting in a data room
The reporting forms module is designed to generate information about document flow, reminder references, statistical output forms, summaries of documents, and the status of their execution based on information stored in the system database. In the reporting module, the user can receive the following reports:
- information about the work of officials (divisions) with documents
- document management information
- performance summary
- help-reminder on the execution of documents
- information about the work of users.
Formation of reports is available only to those users who have been granted the Receive reports right in the filing rights. In addition, there are tools for setting up aggregated data views that allow you to display data from various applications, aggregated into tabular reports, upload them to external payment systems (for example, in Excel), and perform online operations with data – grouping, sorting, filtering, etc. These tools can be used by customizers who are not proficient in specialized business intelligence tools and programming.
Advantages of data room reports for decision-making
The implementation of the data room in terms of business analysis provides the enterprise with the following benefits:
- Quick and high-quality monitoring of the work of employees, departments, and the enterprise as a whole;
- Reducing time and reducing labor costs for reporting;
- Reducing the risk of making wrong decisions due to poor quality or late information provided;
- A clear understanding of internal relationships and the development of competitive advantages.