22. February 2021
Franjo Lovric, Drooms’ VP for Operations, explains how to leverage technology to outperform the competition.
There is no arguing that today’s economy is extremely competitive. With cost pressures, market volatility and demands for increased transparency at an all-time high, businesses are being pushed to the brink. For many organisations, the daily struggles of trying to manage hundreds of projects running across different geographies, is contributing to continued poor return on investment or failure to unlock full investment due to an increase in costs, extended timelines, delayed benefits, or reduced outcomes.
By adapting and leveraging the right technology however, businesses can thrive, become more efficient, create more client centricity, and restore investor confidence.
Why use Drooms Virtual Data Room?
Drooms virtual data room is the most advanced way to manage real estate assets during their lifecycle. The platform, built with AI and based on in depth market research, alleviates a lot of the common pressures associated with traditional portfolio management workflows.
Drooms virtual data room delivers long term value and supports strategic objectives by ensuring operational excellence. By consolidating investment related documentation on one secure platform, organisations can finally eliminate siloed work processes, monitor, update, share and review information in real time quickly and securely, ensure process automation at scale and minimise risk. With no limit on users, or the need for a VPN, parties can enjoy a seamless experience.
The added benefit of keeping your portfolio up to date and transaction ready is that you can drastically reduce the time at which assets are brought to market. Divestment is quick and easy.
How can you fully leverage the platform?
Having worked with companies to pinpoint their everyday challenges, Drooms virtual data room comes with several market leading features created to streamline workflows. You can auto allocate documents to their respective index point for example, flag transaction ready documents to team members, grant separate and secure access to each asset at user group level, save frequently accessed assets as ‘favourites’, stay informed via the setting of notifications, and even make use of document and asset search capabilities.
Can you share some best practices when using Drooms?
I cannot stress enough how important it is to have a unique document index with top-level folders, sub folders and tiers. This allows users to search, locate, access and manage data room content easily.
Although it is possible to create your own index using Excel, Drooms offers a trainable, customised index template to users of its platform. This is more convenient than creating a structure from scratch yourself and importing it to Drooms. Because Drooms’ index template is already trained, you can easily auto allocate files to their corresponding index points using machine learning and AI technology.
If users do want to create their own index, it is best practice to separate information using a numbering system that contains only positive integers and begins with 1. Individual numbers should be separated by dots (e.g. 4.2.1). Letters and roman numerals should not really feature unless in the index description.
To get the room up and operational and avoid time lags when populating your data room, we always advise users to safely collect and save files to their computer or hard drive at root level before uploading them to Drooms via the drag and drop function. That being said, Drooms offers support 24/7/365 in multiple languages and can help with everything from sourcing and structuring to digitising documentation.
Is there anything else you would like to share
Our goal is to provide an offering that establishes a standard across workflows and processes and enables businesses to work from a single source of truth. As an add on service to Drooms virtual data room delivers improved visibility, security and availability of physical records, while ensuring their continued integrity.
Companies required to retain original documents for compliance and regulatory purposes can fast-track access to information. Important documents are granted a unique ID, labelled with a corresponding barcode, and physically stored at a secure storage facility of choice for safekeeping. Digital copies assigned the same unique ID can be uploaded and indexed to the Drooms virtual data room making them and their originals searchable in just a few clicks.
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