Reasons for using a secure virtual data room
Nowadays having a secure VDR is not a luxury but a necessity. Modern businesses need to manage vast volumes of documents every day, share them with third-parties, close deals, raise funds, find investors, and so on. And it’s impossible to do all that without a dedicated service – a virtual data room.
It provides companies with a safe and convenient space where they can store the documents, share them with third-parties, and hold cumbersome deals. This software eliminates the need to travel to pass potential partners or investors needed papers. With data rooms, you will never face the hassle of trying to organize piles of documents, losing or spoiling them.
Virtual data room providers stuff their software with useful features that will improve the workflow and help businesses in accelerating their deals. Some vendors even implement Artificial Intelligence in their services to offer customers valuable insights and help with the decision-making process.
A high-quality data room is not only an online repository for your corporate documents. It is a business instrument created to help companies manage relationships with third-parties and the constant flow of information. Below you’ll find all the features of such software. This list will help you understand the benefit you’ll get using this technology.
Reliability of virtual deal rooms
Virtual data room providers put a lot of efforts in protecting the user data. They secure both the storage itself and data transfer ways with the bank-grade 256-bit encryption to keep malefactors away. And additional security features like two-factor authentication and different levels of access give users more control over the situation.
Many business owners neglect the importance of a secure virtual data room thinking that generic cloud storage will be sufficient. But they’re terribly wrong. We strongly advise avoiding virtual repositories like Google Drive or Dropbox if you want your sensitive corporate documents to remain safe.
Easy file sharing
The most challenging part of the deal is the exchange of documents. Parties need to review a lot of information about each other to make the correct decision. With secure data room services, this process becomes very straightforward. Just give third-parties access to your repository so they can study the files conveniently and take as much time as they need.
If you upload new documents or change existing, all invited users receive notifications. It allows them to react quickly and review changes as soon as possible. Such an approach to file sharing accelerates the deal and simplifies the workflow.
The biggest fear of any business owner is that third-parties will abuse the access to corporate documents. But that’s one of the things you shouldn’t be worried about using a secure data room. You will have full control over everything that’s happening within it.
It’s up to you who can edit and share files, and who can only view them. You can see how much time did every user spend in the data room and what actions did they perform. You can deny the access to the repository at any moment, or you can set an expiration date for the account so that it gets blocked once the deal is over.
Accessibility of a secure VDR
Users can access the virtual repository from any place at any moment. Many data room providers offer mobile apps to make the interaction via a mobile device more convenient and simple. But users can as well enter the data room via a browser on any device they have. It allows parties to work productively even if someone is on the road.
Providers offer a fence view mode to protect documents when they’re being reviewed in public places. This feature creates a fence-like overlay and puts it over the page so safeguard the information from prying eyes.
Costs- and time savings
Of course, virtual data room pricing can be rather high. But ultimately this technology saves you a lot of money in the long run. It is expensive to print papers. And it takes even more costs to bring them to the potential partner or the investor. The company has to cover expenses for transport, hotels for the employee who brings the files, and so on. We won’t even mention how much time does it take.
Special skills aren’t a necessity
You don’t have to be a computer genius to use a virtual data room. The software is really straightforward, and even the least tech-savvy person will quickly understand how to use it. Providers do their best to keep interfaces clean and intuitive. So it will take you minutes to take a grasp of the features and become a professional data room user.
The simplicity of this software allows closing deals faster since third-parties will not require to go through any additional training. Therefore, you don’t need to hire anyone additionally to manage the data room and help users.
However, if you or third-parties face any issues, virtual data room vendors offer a support team that is available 24/7. Specialists will swiftly answer all your questions and guide you through cumbersome processes. Thus, there will be no delays due to difficulties with the software, and you won’t lose precious time.
If you need more help, your provider will give you a dedicated project manager who will go through the deal along with you. They will make sure you’re getting the most out of this technology and aid you in accelerating processes.