As the world slowly began to move into a new digital age, businesses had to adapt many of their processes to new charters and modern requirements. Now, it is much preferable to store and share data online, because it is more convenient and faster, which in turn is reflected in the productivity of companies. However, it’s dangerous to use publicly available platforms to do so, so executives may have trouble managing data online. Virtual data rooms are business tools that offer many benefits, and in this article, we’ll break down exactly how your business might need them.
Security
Storing and sharing data online can be fraught with many negative consequences for a company if the platform they were using was subject to a cyberattack and data leak. The main goal of virtual data rooms is to provide a secure space that is resistant to any data theft attempts. To do this, VDRs use multi-layered security that includes protection at the physical level, protection against external threats, and protection against internal threats. So, users can have complete control over document security, and be confident in strong security infrastructure for the space, because they use:
- Data encryption
- Double Authentication
- Digital watermarks
- Backup
- Detailed access permissions
- Remote destruction
- Audit logs and more
VDR spaces are certified solutions that are internationally validated for security.
Adaptability
Virtual data rooms are unique. Developers can customize the interface of their product to meet the requirements of multiple business sectors, different transactions, and company sizes. Also, VDRs have flexible settings so companies can speed up their workflow. For example, the branding feature can improve your brand awareness in the marketplace by inviting users into a space designed to match your company’s color palette and logo.
Document Management Features
Document management is not an easy task that is also time-consuming. Keeping your physical folders in order can also be difficult, and finding something inside the storage seems impossible. Such a business solution as a virtual data room eliminates all these problems by offering automated tools for simplified and accelerated work with documents. The main functions of VDR data management are considered to be:
- Mass upload -load any number of documents in space at a time
- Multiple file types support -no need to waste time converting documents
- Automatic indexing – logically organizes documents as soon as they’re uploaded
- Smart search – recognizes the right document in just one or a few keywords
A significant advantage is that all this data will be in one centralized space, and users can access it from any device and location.
Accountability
The accountability features of virtual data rooms provide your company and your potential customers with the effect of transparency, which builds trust and strengthens the relationship between the parties. You can see the intentions of invited users, and they, in turn, can examine your confidential documents in detail, and learn everything they need to know about your operations to make decisions. VDR offers audit logs that generate automatic reports on every user activity. You can see who logged in and what they were doing inside the document, identify suspicious behavior, and move your transaction in the right direction.
Customer Service
Data room providers care about their customers, and that’s why their customer service is incredibly responsive. Quality VDRs offer multi-lingual support services that are available 24/7. You can get in touch by phone, chat, or mail, and the wait time for a response is usually a few minutes to half an hour.