The business world constantly demands improvements because it’s the only way companies can stay productive and competitive. The era of digitalization has shown companies that it is much easier and more convenient to store their sensitive data digitally: it saves time and effort. Also, it allows them to share it more effectively with potential partners or employees. However, not every online platform is suitable for this purpose; shared spaces do not have enough security to perform these operations, but with the arrival of the virtual data room, this problem is gradually coming to an end.
What is a virtual data room.
A virtual data room is a cloud-based online platform that provides services to commercial and non-commercial companies. Its main difference, which has become a fundamental advantage of VDRs, is its level of security. The data room allows any sensitive documents to be stored in its space, as well as complex transactions such as due diligence, fundraising, mergers, and acquisitions of IPOs. Using VDRs leads to higher company productivity and faster closing of transactions. You can invite multiple potential partners into the space at once and not have to fear the threat of data leakage. Data room privacy settings are very flexible, and you can give different levels of access to other users. In addition, maintaining a data room is much cheaper than maintaining an entire physical repository, plus it’s more mobile and secure.
The main functions of VDRs
The functionality of VDRs is extensive, going beyond security alone and offering a comfortable user experience. The main functions of a virtual data room include:
- Data encryption – Protects data during transmission and at rest, protects against data leakage
- Digital watermarks – works as additional leak protection. You can put a watermark on any document
- Self-Destructing Documents – you can revoke access to a document at any time
- Restrict access to the document – control the level of access of different users to the paper; you can forbid visibility, copying, printing, editing, and forwarding of the document
- Redundant Copy – it works all the time and automatically, so if something happens to your data, you can easily restore it to the last saved version
- Virus scanning – takes place automatically when documents are uploaded to the space
- Security certificates – VDRs are internationally vetted and licensed to show they can handle sensitive documents
- Double-factor authentication – provides secure login
- Multiple verifications -Users pass this verification when logging in from a new device
- Flexible Access – VDRs allow you to log in from any device and OS, no matter where you are
- Audit Trail – automatically logs all activity that takes place within the data room
- Detailed reports -shows detailed information about user activity, down to how much time users spend on documents
- Branded Site -Customize your VDR to match your company brand
- Document management tools – bulk uploading, auto-indexing, and smart search all allow you to create a clear and transparent document system for more effective due diligence
- Integration with Microsoft Office – work comfortably with your familiar Microsoft program
- Question-and-answer section -specific space for important questions. You receive automatic notifications as soon as someone asks you a question
- Task management system – stay organized, and assign tasks to your team through VDR; you can also set deadlines and monitor progress
- Scrollable Viewer – Saves you time when you’re reviewing multiple documents
- Easy installation -you don’t need any plugins to work with VDR