VDRs became incredibly popular over the past few years. Businesses get diverse benefits using them. So there is no wonder the virtual data room market became quite big and profitable. Brand new providers pop up constantly, and every one of them tries to astound customers with unique features on this never-ending war for the loyalty of the audience.
But do virtual data rooms actually differ that much from online repositories? And why would a business pay for it? Since there are large numbers of individuals who would ask these questions, let’s figure out the technology behind the online meeting room.
What is a virtual meeting room?
Let’s start with the basics and take a look at the software itself. It is a virtual storage where firms can store their sensitive documents. But even though it is the most important function of such technology, the list of its tools doesn’t end on just being an archive. Virtual deal room offers its users a complete interface for all firm interactions. Here team members can exchange the information, discuss issues, get prepared for meetings and much more. Basically, adopting this technology a enterprise will have a vast range of various instruments that will allow to improve the workflow of the team and whole corporation.
So, whilst generic online repositories can only give a virtual space so a company owner can store the data there, online deal rooms are a complete brand tool. These instruments can be used during Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Safety is above all
Of course, not every brand works with the classified data every day. But although this data can be not that important, any leader of the business would want to get their documents stolen or illegally used. Online storages like widely used Dropbox or Google Drive are not perfectly secure – lots of cases of data leaks have shown it to us quite clearly.
So, the main difference of virtual meeting rooms is the data encryption and different methods of protection. Of course, ordinary cloud hosting services encrypt their transmission lines too – but not exactly the transferred information itself. And if someone has a direct link to the document, it can be easily stolen by malefactors.
Digital data room providers protect not only transfer lines but files as well. There is no way they will be exposed to any kind of danger caused by malicious acts of thieves. Additionally, all virtual data rooms have a two-factor authentication. It means that to log in the user will be asked to enter the code that was sent to their phone in an SMS upon signing in.
Moreover, the owner of the virtual meeting room can control the amount of access other parties have. Settings can be changed at any moment. And if any extraordinary situation occurs, the room administrator can destroy the file remotely or stop the access to it.
Unlike generic online storages, VDRs are meant to boost the workflow of the company and within team members. So besides that team members can share the data with each other, they can as well get involved in talks, handle different votings, manage Q&As and much more. It is very convenient to have all tools in one interface.
Moreover, directors have a chance track the workflow of their brands in the deal room . Some providers even offer an artificial intellect implemented in their applications. It helps to forecast events and tendencies and get deeper insights. On top of that, leaders of businesses can follow thpartners and notice if there are some issues in the work of the brand.
In conclusion, there doubtless are varied reasons to implement a virtual deal room in your firm and stop using generic online storages . Once you try a digital data room, you will never want to stop using it.