The significance of IT tools in the business world cannot be overvalued. Various researches state that using IT helpers does not only improve the quickness and strength of most business processes, but is an important condition of keeping a leading position among competitors. Among the most perspective virtual tools for business is a virtual repository. Learn how it can help your business.
Virtual repository is the innovation which has earned the great regard within the last ten years. Even though first introduced for processing mergers and acquisitions, it soon became actively applied in the other industries with the same success: clinical studies, investments, legal affairs, real estate, biotech, etc. The key benefits of the technology are its convenience and confidentiality: users can work with repository anytime, from anywhere, and having no concerns about the information security.
When choosing the virtual solution for processing definite business transactions, it is much recommended to know all about the main characteristics and options it possesses in order to make sure it can truly benefit the client – more about virtual data room due diligence. The most popular features to expect from a trusted platform are the following ones:
Information encryption
Different providers apply different safety-related technologies for best files safety, but data encryption is among the most traditional ones. This measure supposes encoding the information placed in the data room in order to make the text unrecognizable for unauthorized users in the repository. It is the primary anti-hacking step which is a necessary element for all the VDRs. The distinction can only be in the encryption standard used: the latest is 256-bit, but 128-bit is considered impossible to hack as well.
Dynamic watermarking
If data encryption is viewed as a protection from unauthorized accessing, digital watermarks is a protection from unauthorized distribution. Special bits enclosed to the files keep the data about their ownership thus the rights can be carefully protected. These watermarks can be dynamic which means that they can keep the details about the previous accesses to the document.
Two-step verification process
The greatest way to save the online repository from hackers` activity is to limit their possibility of even viewing the data. To achieve this, most reliable VDRs use two-way logging-in process that supposes two components: entering a permanent password in a combination with using the generated code which was sent straightly to his mobile device.
Tracking and reporting tools
Activity tracking and audit log feature does not only give a possibility to control what actually proceeds in the repository, but allows to get a feedback regarding the parties` engagement in the deal. Monitoring instruments which are used in a good virtual repository usually let owners to track the actions within the virtual repository and draw conclusions about the most active deal members. The received information is highly useful for dealmaking when the success of the transaction may be influenced by the well considered final negotiation.
Rights management
With a virtual data room, there can be no chance for users to view the improper files. The VDR itself controls the operations and makes certain files impossible to view for definite users. The necessary step that has to be done beforehand is determining the restrictions for all the participants, and the instructions will be rigorously followed.
Q&A module
This section has been intentionally created to ensure web-based interaction between partners. The chosen means of interaction does not only allow to reduce time, but also adds to the security of the discussed information. To give users the extra benefit, Q&A space can be combined with the users` notification system and document linking feature which gives an opportunity to link the certain files to the Q&A space.
Customized interface
Some VDRs have basic interface that can`t be corrected, the other products give partial or full possibility of customization. In addition to settings variations set by the definite users, the organization which possesses a virtual data room can introduce its desirable interface. To make the virtual repository more recognizable for current and future clients, well-known corporations introduce their logo and organizational colors.
The listed options are definitely important for files protection and easy management. While the first three ones are used to ensure the files security, the other ones relate to the means of using the data to make the deal better controlled and advantageous.
Online data room is a technology which can introduce a significant change in the way of storing data, managind transactions, and building business relationships. If you have decided on improving the quickness and effectiveness of business procedures, start selecting a reliable online solution right now and be sure to get the advantage tomorrow.