It is necessary, together with colleagues, to work through a huge array of confidential documents. And they are in different companies, and all of them are far away. How to organize all this? In this article, we will analyze the variants of Virtual Data Providers and specify the characteristics of the Virtual Data Room.
Virtual data room and its capabilities
The modern world and humanity, in general, are actively moving into the virtual world, which simplifies many processes, both in everyday life and in business. The financial world is no exception, which needs to keep a large number of confidential documents in one place.
There are many cases where the use of a virtual data room is necessary for business development. This can be due diligence, audits, or fundraising as you always need a cost-effective solution to store and share your data.
So which is the best virtual data room? This is an Internet site, usually created for a specific period and for a specific purpose, which provides authorized users with access to a secure database of documents, in accordance with their access rights.
What and how can a virtual data room be used? In almost any situation when a company needs to provide simultaneous access to confidential information to several persons:
- analysis of corporate reporting;
- creating an archive of documents
- preparation of an initial public offering;
- mergers and acquisitions;
- Search and provision of information for investors;
- bankruptcy and restructuring;
iDeals – the best alternative among competitors in the market
iDeals Solutions Group is an international financial transaction support platform. The main clients of the service are an investment, legal and audit companies, large corporations, as well as private investment companies. It is a young, fast-growing company that feels confident in its market segment. The characteristics of the service include the following points:
- It’s a completely secure online space where your team can meet and view documents and bids. This saves time and, in some cases, travel. It’s much easier to coordinate a time to meet in a Virtual Data Room.
- Both the issuing company and the bidders can upload their information with confidence. Users can drag and drop or bulk upload files, folders, and folder trees easily.
- You can invite data room users (as many as you want), from inside and outside your firm and control the permissions and access rights of each user.
- All document and user activities are logged for audit and compliance. You get usage reports by document, folder, and document library. An email alert system advises when changes have been made to documents.
- All communication in the Virtual Data Room is secure and searchable. And by streamlining the communication procedures, you can significantly reduce the cost of the RFP process.