Secure Document Sharing is the main feature of virtual data rooms
The modern world makes companies face many unique issues we didn’t have even a decade ago. And one of such challenges is data. First of all, there is a lot of it. Any business has to deal with enormous quantities of information, and its amount only increases. But the problem is not only with the management of data. Companies also need to protect it somehow because data leaks are extremely expensive and draining. In fact, they can ruin the reputation of the firm and, consequently, the business itself.
Although here is the beauty of our modern world – every issue finds its solution. That’s how virtual data rooms were created. It is a software that allows businesses to upload, store, share, and protect all the information. But moreover, data rooms simplify all the processes that involve documents such as:
- Due diligence
- Mergers and Acquisitions
- Legal document management
- And many others
Thus, virtual data rooms became a vital tool for every company that wants to keep all its data in order and protected from theft.
Why shouldn’t you use generic virtual storages?
Many businesses think that they can stick to generic cloud services to store and exchange corporate documents. And that’s a big mistake because such platforms are not reliable enough to trust them sensitive information. That’s why you should consider using a virtual data room instead.
VDR providers protect both the repository with documents and data transfer ways with the strongest 256-bit encryption. Thus, malefactors have no chances to break into the data room and steal or corrupt your corporate information. And that’s not the only method of data protection providers use.
Your online data room will have two-factor authentication that will prevent unauthorized access. This technology will ask users to prove their identity not just by entering the login information. Usually, they will have to enter a code sent via an SMS or email upon logging in. But often vendors offer several options.
In addition to that, the manager of the data room can set different levels of access for users deciding what they can and cannot do with uploaded documents. Such feature gives the business complete control over what’s going on in the data room and ensures privacy. Also, the administrator can track all the user activity – what documents did they access, what did they do with them, and for how long. This information allows for detecting suspicious activity. Moreover, it can give the business owner many valuable insights about the deal and the intentions of third-parties.
Most data room providers allow users to set an expiration date for the accounts of invited third-parties. It will protect the information by cutting access to the repository automatically when the deal is over. Also, some vendors offer a remote data shredder that will be a lifesaver when certain accidents happen.
What are the other useful features virtual data rooms have?
The primary purpose of the VDR, along with safeguarding the data, is to simplify the management of corporate documents for companies. The best virtual data room providers will ease this process from the very beginning by allowing you to upload files in bulk preserving the structure of folders you already have. Thus, you will have a data room that is ready to use in just minutes. Also, the software will index all documents automatically – that’s another task that you don’t have to do anymore.
As papers are online, all the invited users can find the necessary file using a full-text search that will quickly fetch them the correct document. Such a feature significantly accelerates the processes and allows companies to close deals faster.
Willing to make your data room more personalized? That’s easy to do! Most providers allow users to change the layout completely adding corporate colors and logos to the interface. Moreover, you can add dynamic watermarks that will protect your files and make you look more solid in the eyes of third-parties.
The best data rooms can be accessed from any device at any moment. They’re always up, available, and compatible with mobile gadgets. Therefore, your potential partners, clients, and other individuals that collaborate with you can review the documents on the go saving up some time for you. Usually, the software requires no plugins, but if you want, you can install a dedicated app to access the data room conveniently from smartphones and tablets.
Finally, virtual data rooms offer businesses detailed reports that can bring valuable insights. Studying these statistics entrepreneurs can see how well the company performs, and what they can do to make the next deal be even more successful. Also, reports are useful during the deal – they can help you make better data-driven decisions.