It used to be that to close any kind of deal, companies had to perform many time-consuming and labor-intensive processes, such as searching and gathering the necessary documents, sending them out, negotiating, and verifying them. Today’s business, however, requires organizations to move faster or you risk getting left behind. Fortunately, to make this possible, technology solutions have emerged that can streamline and speed up many business operations. Virtual data rooms are one such solution, and in this article, we’ll look at how VDRs affect a company’s operations.
Document centralization capability
One of the functions a virtual data room performs is data storage. You can upload documents of any size and confidentiality to the VDR space. The high degree of security also allows you to share these documents within the space, both with your colleagues and with outside, temporary invited users. The ability to do all of these activities in one, well-protected location is also good for security and speeds up any process because you don’t have to search through different sources, or archives for documents. With smart search, you and other users can find the right file in a fraction of a second.
Controlling the relevance of working documents
Because of the large volume of documents that companies have to deal with during transactions, it can be very difficult to keep track of all the updates, or changes made. Due to the human factor, we can often fail to notice that we have exchanged old versions of documents with partners, which leads to misinformation and other troubles. However, with VDRs, you can easily control the version of your documents and see if there have been any changes. When someone authorized updates the content of a document, it automatically updates the version loaded in the space, which saves a lot of trouble.
Simplifies file organization
A structured document system is a key to simplified work, order, and a smooth process. That’s why it’s so important that you organize your documents in a logical order. All you have to do is explicitly name each file and folder; for the rest, rely on the data room. It automates the uploading of your files with bulk upload and drag-and-drop, and automatically formats and indexes them.
Flexibility of Access and Versatility
There are many kinds of data rooms on today’s market that are geared toward one area or another. But the best virtual data room provides options for a wide variety of processes and company sizes. From mergers and acquisitions to fundraisers or real estate deals. VDRs can also be useful in nonprofits, healthcare, government, education, law, and banking organizations.
VDRs support any type of device and allow authorized users to log in from any location and at any time. Thereby providing increased productivity for the company, as users can perform their duties even while on the road.
Higher level of security
The cherry on the cake of this revolutionary solution is its amazing security capability. The Data Room has robust security servers backed by special certifications. They have advanced security features that will keep your data intact with any type of activity. Secure Data Room or sicherer datenraum as it’s known in Germany includes the following features:
- Data encryption – encrypts documents during transmission and storage and protects against data leakage
- Double Authentication – protects login by requiring users to enter an additional code
- Antivirus – protects against phishing scams, trojans, and other viruses
- Access Control -Controls the level of document security, allowing to disallow any actions with the document except for viewing
- Watermarks – protect against data leaks, allowing to identify the source of the leak