The significance of information technology tools in business can hardly be overvalued. Various researches state that using online tools does not only increase the speed and efficiency of main business processes, but is the required condition of keeping a leading position among competitors. One of the most in-demand platforms for business is a virtual repository. Let`s check which way it can benefit your business.
Virtual data room is the recent development that has gained the huge acceptance within the last decade. Being initially designed for processing mergers and acquisitions, it soon became actively applied in the other spheres with the unchanged success: clinical studies, investments, legal practice, real estate, biotech, etc. The main advantages of the software are its comfortable operation and security: parties have a possibility to work with the virtual data room anytime, from any location, and without concerns about their data being safe.
When it comes to choosing the platform for processing deals, it is most recommended to know all about the characteristics and features it possesses to make sure this data room can certainly bring benefit to the certain client – more about online data room. The most in-demand options to expect from a trusted VDR are the following ones:
Different vendors have various security-related tools for ensuring the files protection, but information encryption is always among the standard ones. It supposes encoding the information placed in the repository in order to make the text unreadable for unauthorized users in the VDR. This is the main anti-hacking action which is a required element for all the virtual data rooms. The distinction can only be in the encryption standard that was used: the latest approved standard is 256-bit SSL, but 128-bit is highly secure as well.
While encryption is a protection from illegal accessing, using watermarks is a protection from improper sharing. Electronic watermarks enclosed to the documents keep the details regarding the document`s owning organization so the rights is carefully protected. These watermarks might be dynamic and, in this case, they can collect the details about all the accesses that have taken place.
Two-step authorization process
The most trusted way to save the data room from hackers` activity is to restrict their chances of ever viewing the documents. To achieve this, most trusted VDR providers apply two-way authentication that supposes two stages: entering a common password in a combination with using the code sent straightly to his mobile.
Performance monitoring and reporting
This feature does not only allow to check what proceeds in the repository, but provides the information regarding the sides` level of interest in the transaction. Monitoring instruments used in a chosen VDR usually allow VDR owners to track what happens in the virtual repository and make conclusions about the most interested deal members. The gathered information is specifically valuable for dealmaking when the outcomes of the transaction depends on the well considered final negotiation.
Digital rights management
When there is a virtual repository, there cannot be any chance for participants to view the improper documents. The VDR itself controls the work and can make certain documents inaccessible for certain system users. The only step that must be done in the beginning is defining the permissions and restrictions for individual users or groups, and the instructions will be carefully followed.
The mentioned module has been specifically included for the purpose of ensuring online-based interaction between users. The chosen means of communication does not only allow to reduce time, but also improves the safety of the discussed information. To give an extra advantage, Q&A module may be combined with the electronic notification system and in-document linking that offers a possibility to take the files stored in the VDR into the Q&A space.
Some data rooms offer basic interface that cannot be changed, some other give partial or full chance of customization. In addition to settings variations made by the users, the organization which owns a data room may define its own interface. To make the virtual repository easily recognizable for existing and potential partners, some companies apply their logo and main company colors.
The indicated characteristics are absolutely valuable for document safety and successful management. While the first three ones are specifically intended to ensure data safety, other four concern the way of using the data to make the deal better controlled and advantageous.
Online data room is a software that has a potential to make a revolutional change in data storing, processing deals, and interacting with partnering organizations. If you have decided on improving the speed and efficiency of business procedures, start looking for a good online data room right now and get the advantage tomorrow.