Data rooms became very popular during the past few years. Firms get various advantages implementing them. So there is no wonder the data room best data room providers market became incredibly vast and profitable. New providers are developed often, and every one of them wants to amaze customers with useful features on this never-ending war for the interest of the audience.
But do VDRs really differ that much from virtual repositories? And why would a enterprise pay for it? Since there are large numbers of people who might ask these questions, let’s find out the technology behind the virtual deal room.
What is a online meeting room?
Let us start with the basics and discuss the app itself. It is a virtual storage where firms can store their sensitive files. But even though it is the main function of such technology, the list of its features doesn’t end on simply being a repository. Digital data room offers its users a complete interface for all corporation interactions. Here parties can share the information, discuss details, get ready for meetings and some other. Basically, using this technology a corporation will have a broad range of handy instruments that will allow to develop the workflow of the team and whole firm.
So, whilst simple online repositories can only give a virtual space so a business director can save the information there, electronic data rooms are a complete business instrument. They can be used during Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other kinds of audits.
Safety is above all
For sure, not each enterprise interacts with the classified information all the time. But although this information can be not that important, any business owner would want to get their files stolen or illegally used. Online repositories like trendy Dropbox or Google Drive are not actually safe – diverse cases of information leaks have shown it to us very clearly.
Thus, the most important difference of deal rooms is the data encryption and numerous methods of protection. Sure, ordinary virtual repositories encrypt their transmission lines too – but not really the transferred data itself. And if anyone has a direct link to the document, it can be easily stolen by malefactors.
Virtual data room providers protect not only transfer lines but documents as well. There is no way they will experience any kind of danger caused by malicious acts of hackers. Moreover, all online deal rooms have a two-factor authentication. It means that to log in the team member will be asked to enter the code that was sent to their smartphone in an SMS upon signing in.
Besides that, the owner of the virtual deal room can take the control of the level of access other partners have. Settings can be changed at any time. And if any extreme situation happens, the room administrator can destroy the document remotely or take away the access to it.
Unlike generic virtual storages, online meeting rooms are created to improve the workflow of the brand and within partners. So on top of that that parties can share the data with each other, they can also be involved in conversations, take part in diverse votings, create Q&As and much more. It is incredibly convenient to have all instruments in one interface.
Also, business owners have an ability to watch the performance of their corporations in the VDR . Some providers even have an artificial intellect implemented in their software. It helps to forecast events and trends and get better insights. Also, leaders of companies can keep an eye at themployees and realize if there are any flaws in the workflow of the corporation.
In conclusion, there unequivocally are many reasons to adopt a virtual deal room in your company and stop using generic online repositories . When you try a VDR, you will never want to stop using it.