VDRs are the ideal solution for all types of businesses as they offer the highest level of security and data protection. Most modern online data rooms comply with ISO 27081 standards, which is a must-have for cloud storage systems. Platform security is ensured through special controls, reporting tools, and procedures.
Thus, most VDR providers use a comprehensive approach to protecting financial and corporate information. Below you can see a list of the main security options that make VDR a top solution for any business.
- Physical security. Thanks to continuous data backup, the uptime of most modern data rooms is about 99.9% or more.
- Application security. Modern secure VDR implements various encryption methods using 128 or 256-bit keys, watermarks, and so on. In addition, data rooms store data on private cloud servers, which helps recover data faster after an accident. With two-factor authentication, you should not worry about corporate data leaks and unauthorized use of information.
- Audit and Compliance. With advanced analytics options, virtual rooms help evaluate any changes that occur within the work environment. You can track the project participants who have logged in or out of the system, study what task each team member is working on, etc. The system organizes all data into convenient logs and, if necessary, adds graphic elements (tables, graphs, etc.). This increases engagement and boosts understanding of the workflow.
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Features of Virtual Data Rooms
The set of features may vary depending on the particular VDR provider. Along with this, most data rooms have basic features. Check them up below.
Intuitive interface
Most modern data rooms are relatively easy to use. To configure them, you do not need to have special technical knowledge. The full deployment of the functionality does not take more than 30 minutes. The number of navigation and control buttons is kept to a minimum so that even a beginner can quickly master all the necessary functions. Due to the possibility of integration, you can connect additional applications and expand your capabilities.
Access to documents
With the data room, you can work with many documents in various formats, which you can download almost instantly. The premium provider allows you to upload files with parallel watermarking, convert text files to PDF, etc. As a result, you can use advanced search and filter systems to get the necessary file from tens and thousands of others.
Data security
The functionality of the data room allows you to control visits to specific files, viewing folders, and more. With the help of role-based access, you can be sure that the data will not be misused or corrupted. This level of security includes time and IP address restrictions, two-factor authentication, and more.
Reporting
With the help of the virtual data room report feature, you can track the situation inside the service and control each stage of the workflow separately. It can help you improve the strategic scheme, planning, and distribution of tasks. In the end, this affects the overall effectiveness of your team and getting the desired result as soon as possible.
Why Uses VDR Software?
Below, you can check the list of businesses and industries which use virtual data room solutions on a regular basis.
Technology
Thanks to VDR solutions, the world’s major technology companies can share important data from different parts of the world. The exchange of data takes place instantly and in a completely secure environment.
Investment banking
This is the area that most often uses the VDR’s technologies. The fact is that processes such as raising capital, contacting stakeholders, IPOs, mergers, and acquisitions require the exchange of vast amounts of information, for which VDR is an ideal solution.
Private Equity & Venture Capital
Private equity and venture capital firms tend to process multiple deals at once. This is accompanied by the introduction of a large number of data, edits, comments, and so on. The online data room software functionality allows you to do this in a minimum amount of time. At the same time, you can create polls, voice calls, questionnaires, and other elements that can increase the understanding of the material and boost the involvement of each of the project participants.
Legal industry
Legal companies are probably, the most known for large volumes of paperwork. With VDR, you not only save on consumables, paper, and courier service but also increase work efficiency. For example, with datarooms, you don’t have to worry about duplicate or corrupted files. Thanks to fine search and data clustering, VDR helps find the right document among hundreds or thousands of the same type.
How to Choose the Right VDR Solution?
In order to pick the correct virtual data room solution, you should stick to the following simple rules.
- First of all, you should realize your business specifics and create a list of the pain points you should cover. Try to pick the VDR solution with minimal required features.
- Make web research and create a list of potentially suitable options. After that, you should check the feedback from the already existing users on independent resources to get a complete picture of the pros and cons of each VDR.
- Keep in mind that the best and easiest way to make a decision is to try the software on your own. You should go to the official website and get a trial version. Test it to the maximum, and do not forget to contact electronic data room customer support. It can help you understand the quality and volume of help you can get.
