A series of events that occurred in the world during the last few years showed business people that they should change their strategy of confidential documents storage. Physical storage is a thing of the past, while new online document storage solutions are constantly emerging. Nevertheless, companies should choose their tools carefully because not all of them can handle protection properly. Virtual data rooms are considered the best online space for data sharing and transacting today.
What are virtual data rooms?
Virtual data rooms are cloud-based online platforms designed to store and share sensitive data and conclude complex transactions and collaboration. Companies worldwide use VDR services for due diligence, mergers and acquisitions, IPOs, fundraising, real estate transactions, legal processes, and more. The Data Room has proven its reliability to clients because they provide international security licenses that indicate their right to work with confidential documents. The data room is a space that is completely closed off from external add-on applications. All the tools you might need can be found here. You don’t need to use email to share documents and correspondence, and you don’t need to use third-party programs to share documents. This is convenient, speeds up the work process, and creates increased security and privacy. Next, we’ll discuss the benefits of the VDR platform for business.
Flexibility and ease of use
Virtual data rooms are not tied to any device on the rights of cloud-based programs. An authorized user can log into the space from any OS, device, and location. Managing projects and transactions remotely is a very useful capability because, as the events of the global pandemic show, anything happens in life, and business must go on. VDRs have a simple and intuitive interface so you can adapt to them in just a few hours. This is important not only for that reason but also because it minimizes the risk of human error, which is what most data breaches are due to.
High-end security
The best data room providers offer multiple layers of security, virtually and physically. For example, your data centers are secure and backed up 24/7 so that all important information remains intact in case of an emergency. Speaking of virtual security, VDRs provide features such as:
- Login protection – using dual authentication, the program protects the password
- Data encryption – occurs during the storage and exchange of data
- Detailed permissions – depending on the user’s responsibilities, you can deny copying, printing, editing, forwarding, and downloading the document
- Watermarks – minimize the risk of data leakage because they collect information about who accessed the document and what they did
- Remote destruction – will allow you to erase VDR data from someone else’s device from anywhere
Flexible document management
No transaction happens without involving a large volume of documents. However, organizing them can take too much time and effort. VDR automates many routine processes by allowing you to create an organized file structure. You can do this by using
- Drag function – bulk load documents into the space with a single click
- Automatic indexing -organizes documents logically as they are uploaded
- Automatic scanning – Built-in anti-virus checks documents for viruses
- Multifile support -Download documents without converting
- Smart search – finds the document you want in seconds with a few keywords