The Complete Guide to Virtual Business Management, Digital Solutions, and Virtual Business Software

virtual business process

Working in an office seemed unchangeable, but the pandemic struck, and many companies had to switch to telecommuting. Both management and employees had to work hard to adapt to the new conditions, but now remote work is considered a priority for many. These companies are called virtual companies, and this article will tell how exactly the process of working in virtual mode can take place and what software is needed for this.

What is a virtual company?

A virtual company is a company that minimizes the physical presence of employees and uses digital space, tools, and communication tools to do its work. Employees in such companies work remotely, from home, or wherever they feel comfortable, using a shared workspace. Depending on the direction of the business, it can be completely or partially remote. This concept used to seem very sad and cold, as employees do not interact with each other and with management in person, and consequently, the working relationship does not seem as strong. Still, this type of company has its advantages:

  • Save the cost of running a physical establishment
  • Hire employees worldwide; now, your team is not limited to people from your city. Find real valuable people and work with them regardless of location
  • Employees get more personal time as they save travel time
  • Enhance productivity as each employee works in a comfortable environment and has no distractions
  • Accelerated transaction and project execution as all data is in a centralized location, easy to search, manage and share

Better technologies for task management

Technology for virtual business is the link; in many ways, it’s the software that determines the efficiency and speed of tasks. Many modern programs incorporate AI into their systems, which automates many routine processes, and makes your tasks easier. So, the best tools for communication are considered:

  • Slack – a great app for communicating in private messages and group chats, sharing files, and assigning tasks
  • Dropbox – a good document-sharing tool where you can store and share data
  • Skype – to smooth out the physical absence of employees, skype is great for meetings where you can see each other on your monitor screen

Project management and time-tracking programs:

  • Trello – an effective tool for collaboration and task management
  • Hive – allows you to create a flexible work plan and manage projects
  • Time Doctor – to track the progress of your employees, this app is what you need

Virtual Data Room – why do we need it?

All of the above apps are certainly useful for virtual companies. However, there is a solution, which carries several functions at a time, and at the same time, provides high-class security, the name of which is a virtual data room. The virtual data room due diligence performs the following tasks:

  • Closing complex transactions
  • Secure storage and exchange of even the most sensitive data
  • Communication
  • Document sharing and project work
  • Data management
  • Task assignment and tracking of all activities

This way, Data Room can replace several tools simultaneously, providing a centralized space for more productive work. In addition, the platform uses advanced security features to protect your company from data breaches and cyber threats. To do this, VDR uses data encryption, dual authentication, explicit permissions, watermarks, and more. Use the question-and-answer section or encrypted chats to communicate, and some providers also offer audio and video conferencing features. In addition, the program allows you to invite temporary users (potential partners or investors), and track every action they take.