What is a data room?
A virtual data room, also known as a "data room," is a cloud solution specifically designed to securely store and share sensitive business information. Most businesses use data rooms to ensure complete security of the vast amount of information that needs to be managed in a timely, easy and efficient manner.
In addition, data rooms allow companies to control the dissemination of information. Users can only talk about documents for which their respective group has the access rights set by the company.
Using a data room, of course, allows for more efficient management of transactional workflows, especially by avoiding work silos. An offer can be made once the buyer has completed due diligence. To this end, the potential buyers must be able to access the data quickly and from any location.
For example, in a real estate sale, all documents describing the business must be available and clearly listed. The advantage of using a data room is that data that already exists internally can be made available externally to a buyer with just a few clicks. The data room allows companies to properly manage their relationship with one or more potential buyers.
In Agrello we call "data rooms" as Spaces
Agrello's mission is to make complex signing processes easier to understand. We've simplified the onboarding and signing process in recent months. We launched Spaces today to help you organize your signing documents even more easily.
In a nutshell, Spaces is a way to organize documents. You might want to organize your documents by deal type, client name, or even date. And, on occasion, the same document must be assigned to two or more groups. Spaces is all about giving you a better overview of all your documents.
How can you benefit using Spaces?
Consider the following example: a typical sales contract. Even a simple document like this can be assigned to multiple Spaces: It belongs in both the "Sales Contracts" and the "Customer X" Spaces. You can also add it to the "All 2021 Contracts" space. Adding Spaces does not affect your personal relationship with a document.
So when you sign or view a document, you will still see it in your "My Documents" space. It's also important to know that other people can not see how you organized the document or what space the document was assigned to.
Manage your signing process the easy way
Spaces will help you organize your work better. It is clear that Spaces is most suitable for people who manage a large number of documents that need to be signed. If you are handling a complicated deal that requires multiple documents to be signed, you can use Spaces to keep track of all the documents related to the deal and their signing status.
Each Space contains a KANBAN-style panel that categorizes documents as drafts, in progress, or signed depending on their signing status. All you need to do is create a Space to organize documents and track their progress so you can see the status of your signing process in seconds.
Together with secure and legally binding electronic signatures, these contract management features will hopefully make your daily work much easier - you can work more productively and spend less time searching for the right contracts or keeping track of the status of the signing process.