Electronic data rooms became truly widely used during the past a couple of years. Businesses get lots of advantages using them. So there is no surprise the VDR market became quite vast and profitable. Brand new providers are created often, and every one of them tries to amaze users with unique features on this constant battle for the loyalty of the audience.
But do virtual deal rooms actually differ that much from generic virtual storages? And why would a business give money for it? Since there are large numbers of people who might ask these questions, let’s figure out the technology behind the digital data room.
What is a virtual deal room?
Let us start with the basics and take a look at the application itself. It is a virtual storage where firms can store their sensitive documents. But although it is the main feature of such technology, the list of its features doesn’t end on simply being a repository. Data room offers its users a complete interface for all enterprise interactions. Here team members can exchange files, discuss issues, get ready for meetings and some other. Basically, adopting this technology a corporation will have a full range of handy tools that will help to improve the work of the team and whole brand.
So, whilst generic virtual repositories can only give a virtual space so a business owner can store the data there, virtual data rooms are an extensive brand tool. These tools can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Protection is vital
For sure, not all brand interacts with the sensitive information on the every day basis. But even though this information can be not that important, any leader of the company would want to get their information stolen or illegally used. Online repositories like popular Dropbox or Google Drive are not quite protected – lots of cases of information leaks have shown it to us pretty clearly.
So, the most important difference of digital data rooms is the data encryption and different methods of protection. Of course, ordinary cloud hosting services encrypt their transmission lines too – but not really the transferred data itself. And if someone has a direct link to the document, it can be easily stolen by malefactors.
Digital data room providers protect not only transfer lines but the data as well. There is no way they will go through any kind of danger caused by malicious acts of thieves. Also, all deal rooms have a two-factor authentication. It means that to enter the system the team member will need to enter the code that was sent to their smartphone in an SMS upon signing in.
Moreover, the administrator of the deal room can control the amount of access other partners have. Settings can be changed at any time. And if any extreme situation happens, the room administrator can eliminate the document remotely or stop the access to it.
Unlike generic online repositories, deal rooms are meant to lift the workflow of the firm and among employees. So besides that team members can share the information with each other, they can as well get involved in talks, hold different votings, manage Q&As and much more. It is pretty convenient to have all tools in one interface.
Additionally, leaders of firms have an opportunity keep an eye on the performance of their businesses in the electronic data room . Some providers even offer an artificial intellect implemented in their apps. It helps to forecast events and trends and get better insights. Besides that, leaders of businesses can track thteam members and realize if there are some flaws in the workflow of the brand.
In conclusion, there decidedly are various reasons to get a online deal room in your corporation and stop using ordinary online repositories box data room . When you try a data room, you will never want to stop using it.