Contract negotiations, Due Diligence, M&A, finance and banking – they all have one thing in common. Their success depends on good management of the documents and communications necessary to drive deals home. In recent history, the vast majority of communication for these transactions has been conducted over email, and the related documents managed as email attachments, with larger documents shared through FTP sites. Studies show that as much as 85% of file sharing with external team members is still conducted via email. This approach results in scattered information and manual activities that use up valuable time and resources and risk mistakes and unintended disclosure. While some advantages might be gained using shared file locations, Document Management Systems, or other file-sharing solutions, these have their own challenges and typically do not consolidate and leverage all of your work product.
Consolidating all transactional information into a single, secure repository is a more efficient and effectiveness process and, when enabled with robust features and reporting, can provide opportunities for you to gain the most value from your work product and continually improve your team’s practices.
- Security is a prime concern. A truly secure repository should include advanced encryption, monitoring/audit capabilities, and permissions for both access and system functionality – down to the granular level of user activity and document versions and editing. These provide multiple layers of access control, compliance monitoring, and defensibility.
- A repository should be scalable (to contain all the information for all of your matters), should have an intuitive folder structure, robust text searching, redline comparison of documents, and the embedded ability to edit documents within the platform/browser rather than having to open native applications (Word, Excel, PPT).
- Perhaps most importantly, to effectively manage your team the repository should provide means by which you can communicate and securely share documents – features such as:
- Task and document assignment, tracking, and approval requests
- Comments/Q&A dialogues
- External sharing – controlling not only access, but also the features provided to external parties
- Alerts and Event notifications
- Email integration
- Mobile device enabled
- Customizable workflows and closing checklist
- Dashboards and reporting on deal progress, document history, and user activity
The combined effect of robust functionality, customizable workflows, and granular reporting not only enable your team to work better and faster, minimizing time and risk, but also provide valuable insight on how your team operates. Based on this actionable intelligence, you can evaluate and then streamline and improve the effectiveness of the team, leveraging work product to develop best practices – whether related to a specific document, a specific deal or deal-type, or to better manage the internal processes and personnel that make up your transactional practice.
Cryptacomm is a highly secure, scalable virtual deal room that consolidates documents and information related to sensitive transactions. Cryptacomm facilitates controlled collaboration amongst relevant parties (internal and external), enabling users to discuss, share, edit, assign, and track progress of the deal, its related documents and tasks. It provides robust document management and editing. Reporting on deal progress, changes made to documents, and the activity of users surfaces granular information by which you can better manage your documents, your deals, and your transactional practice. Click here to learn more about how you can use Cryptacomm for due diligence, contract negotiations, M&A, and other sensitive business matters. . Click here to check out Arbicomm, our virtual deal room solution for arbitrations.