VDRs became quite widely used during the past several years. Enterprises get broad-ranging benefits implementing them. So there is no surprise the online meeting room market became extremely broad and profitable. New providers are invented constantly, and every one of them is willing to surprise users with original features on this never-ending battle for the loyalty of the audience.
But do VDRs really differ that much from generic virtual storages? And why would a business pay for it? Since there are plenty of people who want to ask these questions, let’s learn the technology behind the VDR.
What is a virtual deal room?
Let’s start with the basics and discuss the app itself. It is a virtual repository where enterprises can store their sensitive files. But even though it is the most important feature of such technology, the list of its features doesn’t end on just being a repository. Virtual repository offers its users a complete interface for all brand interactions. Here partners can exchange the information, talk about details, get prepared for meetings and much more. Basically, using this technology a business will have a full range of handy instruments that will allow to develop the workflow of the team and whole business.
So, whilst ordinary virtual repositories can only offer a virtual space so a firm director can keep documents there, virtual deal rooms are an extensive enterprise instrument. These instruments can be used during Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other kinds of audits.
Protection is above all
For sure, not every enterprise works with the sensitive information all the time. But although this information can be not really sensitive, any CEO would want to get their information stolen or illegally used. Virtual storages like widely used Dropbox or Google Drive are not actually safe – manifold cases of information leaks have shown it to us very clearly.
Thus, the main difference of VDRs is the data encryption and numerous methods of protection. Sure, generic online repositories encrypt their transmission lines too – but not really the transferred information itself. And if someone has a direct link to the file, it can be easily stolen by hackers.
Digital data room providers protect not only transfer lines but the information as well. There is no way they will experience any kind of threat caused by malicious acts of hackers. Additionally, all electronic data rooms have a two-factor authentication. It means that to enter the system the user will need to enter the code that was sent to their phone in an SMS while signing in.
Besides that, the owner of the online deal room can control the level of access other employees have. Settings can be changed at any moment. And if any unusual situation appears, the room administrator can destroy the file remotely or stop the access to it.
Unlike generic online repositories, deal rooms are made to lift the teamwork of the business and among employees. So on top of that that participants can share files with each other, they can as well be involved in talks, go through various votings, manage Q&As and much more. It is incredibly comfortable to have all instruments in one interface.
Additionally, leaders of businesses can track the work process of their corporations in the digital data room . Some providers even offer an artificial intellect implemented in their applications. It allows to forecast events and trends and get more detailed insights. Besides that, directors can track themployees and notice if there are any problems in the work of the brand.
In conclusion, there undeniably are differing reasons to get a virtual data room in your business and stop using simple virtual repositories . When you try a virtual data room, you will not want to stop using it.