Until a few years ago, entrepreneurs worldwide preferred physical archives for storing and managing data to any other alternative. However, sooner or later, they were hit with serious security and document organization issues, deals were delayed, and could even be derailed by an unstructured and unoptimized process. Virtual data rooms were created to solve all these problems and relieve companies of a decent share of their responsibilities. As a result, VDR solutions contribute to increased productivity and business growth, and we’ll explain exactly how in this article.
Unprecedented protection
Physical documents are much more vulnerable to external threats than digital ones, as they are susceptible to fire, flooding, and other natural disasters. Data leakage is also much more common with physical documents. However, if unreliable sources are used, digital data can also fall within reach of cybercriminals. Virtual data rooms solve all the problems and concerns associated with document storage and sharing. They have licensed programs that provide cutting-edge technology for the multi-layered protection of sensitive documents. They use security methods such as:
- Double authentication -protects login
- Multistep verification -If the user logs in from a new device, he goes through a multi-step verification
- Transparent encryption – encrypts documents at rest and during transmission
- Single login – switch between projects with a single strong password
- Watermarks – protects documents from copyright infringement
- Detailed permissions – let you adjust user interaction with documents based on their role
- Self-Destruct feature -Set a date and time until which a document can be accessed, and even if it was downloaded to someone else’s device, it will still be erased after the time expires
This way, you can fully control the security of your data and give other users enough freedom to examine the material they need, which helps speed up transactions.
User Management
Administrators can give employees tasks, set deadlines, and monitor the progress of their work. However, you can only give users access to folders that will be needed for their work, which reduces confusion and distractions. This will also be a plus for invited users during due diligence.
Document management features
Virtual data rooms aim to improve your existing business structure. Therefore they offer useful tools that would automate your routine work so that you can pay attention to more serious things. For example, organizing and managing your document flow with VDRs is easy because the software has built-in AI features that automate document categorization and indexing. You can also easily upload documents using the bulk upload feature and search for the right file using smart search. Another advantage of VDR is the centralized space. You’ll have all the information you need at your fingertips.
Accountability features
Now the ability to monitor what’s happening and get detailed information about users’ actions is no longer a dream. Virtual Data Room software provides administrators with tracking features and automatic audit trails. With them, you can gain valuable analytics that can show the real intentions of your potential partners and the level of customer engagement. You’ll also see potential problems and challenges your employees face. This way, you can allocate your time smarter and take the next steps in the deal more confidently. It’s also another way to guard against internal data breaches.
Support
Virtual data rooms have a responsive support team that can support multiple languages and provide webinars or materials for learning how to use the data room. The best VDR providers with quality services are considered:
- iDeals
- Intralinks
- Datasite
- Firmex
- EthosData
- SecureDocs Sharefile