The role of IT solutions in business cannot be overvalued. Several researches prove that using IT solutions does not only improve the quickness and strength of main business transactions, but is an important condition of remaining competitive in the market. Among the most attractive virtual tools for business sector is a virtual repository. Check which way it can be useful.
Virtual data room is the recent development that has earned the incredible demand within the last decade. Though initially introduced for M&A transactions, the VDR quickly became actively used in the other industries with the unchanged success: clinical trials, fundraising, legal practice, real estate, biotech licensing, etc. The major advantages of the solution are its convenient operation and security: users have a chance to work with the data room anytime, from anywhere, and without worrying having no worries about a sensitive data security.
When it is time to choose the virtual solution for performing deals online, it is most advised to get well acquainted with all the characteristics and features it possesses to be sure the chosen VDR can surely be advantageous for the users – more about . The most in-demand features to require from a trusted VDR are the following:
Different virtual services providers have various safety-related instruments for ensuring the data safety, but encryption is always among the standard ones. This measure supposes encoding the information kept in the data room in order to make the text unrecognizable for unauthorized users in the VDR. It is the primary anti-hacking action that is a necessary element for any data room. The difference can only be in the standard of encryption used: the latest approved standard is 256-bit SSL, but 128-bit is highly secure as well.
While encryption is a protection from improper files accessing, watermarking is a protection from unauthorized sharing. Special watermarks enclosed to the files have the details about their owning organization thus the copyright can be fully protected. These digital watermarks can be dynamic and, in this case, they can collect the information about the previous accesses.
The best way to save the data room from hackers` activity is not to give them any chances of even gaining access to the files. To achieve this aim, many trustworthy VDR providers offer two-way logging-in process , which has 2 stages: entering a user`s password and typing down the generated code sent directly to the user`s smartphone.
Performance monitoring and reporting tools
This option does not only give an opportunity to check what actually happens in the data room, but also gives the information about the parties` level of interest in the deal. Monitoring tools used in a good data room usually let VDR owners to monitor the actions within the virtual storage and build conclusions regarding the most concerned deal members. The gathered information is highly in-demand for dealmaking when the success of the whole transaction may be influenced by the well prepared negotiations.
When there is a virtual data room, there exist no possibility for transaction members to access the improper documents. The data room itself controls the work and makes definite documents impossible to view for certain system users. The necessary thing that has to be made in advance is setting the restrictions for the data room users, and the instructions will be rigorously followed.
Questions & Answers module
The indicated module has been specifically designed for arranging web-based interaction between the participants. The offered means of communication does not only allow to reduce time, but also improves the safety of the discussed information. To increase users` comfort, Q&A module might be equipped with the users` notification system and in-document linking that gives a chance to take the files stored in the VDR into the Q&A space.
Certain online repositories offer basic interface that cannot be corrected, the other products give slight or great chance of customization. In addition to setting changes set by the users, the organization which possesses an online data room has a chance to define its chosen interface. In order to make the virtual repository recognizable for current and future clients, some corporations use their logotypes and company colors.
The indicated characteristics are definitely significant for files protection and efficient working. While the first three are necessary to ensure the documents security, other four relate to the means of using the data to make the deal more controlled and advantageous.
A VDR is a technology that can introduce a dramatic change in the way of storing data, processing transactions, and interacting with business partners. If there is a need for improving the speed and effectiveness of your business processes, start selecting a good online data room right now and get the profit tomorrow.