The role of digital tools in dealmaking cannot be overvalued. Various researches state that using digital technologies does not only improve the quickness and strength of most business processes, but is the only condition of staying competitive in the market. One of the most perspective technologies for business sector is the online data room. Learn how it can benefit your business.
Virtual data room is the innovation that has got the incredible regard during the last decade. Having been initially created for processing deals, it soon got frequently used in the other spheres as well: clinical studies, fundraising, legal practice, real estate, biotech studies, etc. The major advantages of the technology are its convenience and privacy: users are able to work with repository at any time any moment, from anywhere, and having no concerns about the files safety.
When it comes to choosing the virtual solution for performing deals online, it is most advised to know all about the main characteristics and features it possesses to be sure it can certainly bring advantage to your users – more about virtual data room providers. The most in-demand functions to expect from a good VDR are the following ones:
Different providers have different security technologies for ensuring the data safety, but encryption is among the most traditional ones. It involves encoding the information kept in the VDR in order to make it unreadable for unauthorized users in the repository. It is the primary anti-hack step that is a necessary element for all the virtual data rooms. The distinction might only be in the encryption protocol that was used: the most recent is 256-bit SSL, but 128-bit is impossible to hack as well.
While data encryption is viewed as a protection from illegal data accessing, watermarking is a protection from unauthorized sharing. Special bits enclosed to the documents contain the data regarding the document`s ownership so the rights is carefully protected. The watermarks can be dynamic and, in this case, they can collect the details about the accesses to the documents that took place.
Complex authorization process
The most reliable way to save the online repository from hackers is to give them no chances of even gaining access to the files. For this purpose, most trustworthy providers offer complex authentication that supposes two stages: using a common password in a combination with typing down the generated code that was sent right to his smartphone.
Performance monitoring and making visual reports
This feature does not only give an opportunity to see what actually happens in the VDR, but also provides the information regarding the partners` engagement in the transaction. Monitoring instruments which are used in a certain data room usually allow owners to track what happens in the virtual storage and make conclusions regarding the most interested deal members. The received data is especially in-demand for dealmaking when the success of the whole deal may depend on the well considered final negotiation.
When there is an online repository, there can be no chance for participants to access the wrong files. The VDR itself checks the work and makes certain files impossible to view for certain system users. The important thing that must be done in the beginning is defining the restrictions for individual users or groups, and they will certainly be exactly followed.
This section has been purposely included to ensure online-based communication between users. This way of interaction does not only let to quicken the process, but also adds to the security of the discussed matters. To give an extra advantage, Q&A space might be equipped with the users` notification system and in-document linking which offers a possibility to link the certain files to the Q&A space.
Certain VDRs have basic interface which can`t be changed, some other suppose some possibility of customization. In addition to settings variations made by certain users, each organization which has a data room has a chance to define its chosen interface. In order to make the VDR recognizable for current and future clients, well-known companies apply their logotypes and organizational colors.
The indicated features are much significant for document safety and successful management. While the first three are necessary for ensuring the files security, the other ones relate to the means of managing the information to make the working process fully controlled and beneficial.
Virtual data room is a technology which can perform a revolutional change in information storing and distribution, processing transactions, and interacting with business partners. If you have set your sights on improving the quickness and efficiency of business procedures, begin looking for the appropriate online solution right now and get the benefits tomorrow.