The significance of IT helpers in the business world can hardly be overvalued. Several research works prove that using digital technologies does not only improve the quickness and efficiency of major business procedures, but is the required condition of keeping a leading position among competitors. One of the most perspective solutions for organizational activity is the online data room. Let`s check how it can benefit your business.
Virtual repository is the novelty which has got the huge regard lately. Even though initially designed for dealmaking, the technology soon got frequently applied in many different industries with the unchanged success: clinical trials, fundraising, legal practice, real estate, biotech, etc. The major benefits of the software are its convenient operation and privacy: parties have a chance to work with the virtual data room anytime, from anywhere, and without worrying having no worries about their data safety.
When it comes to choosing the virtual solution for processing definite business transactions, it is much advised to know all about the main characteristics and options it possesses in order to be sure it can truly be advantageous for the certain client – more about virtual deal room. The key options to require from a sophisticated VDR are the following:
Encrypting the data
Various vendors have various security measures for best files protection, but encryption is among the most traditional ones. Encryption supposes encoding the information stored in the VDR to make the symbols unreadable for unauthorized users in the data room. This is the most important anti-hack action which is a required element for any data room. The variation can only be in the encryption standard used: the latest is 256-bit SSL, but 128-bit is considered impossible to hack as well.
While encryption is viewed as a protection from unauthorized accessing, watermarking is a protection from improper data distribution. Special bits attached to the files contain the data regarding the document`s owners thus the rights can be fully protected. These digital watermarks can be dynamic which means that they can collect the details about the previous accesses.
Complex authorization process
The best way to fully protect the data room from hackers is to restrict their chances of even viewing the documents. To achieve this aim, most reliable vendors offer two-way authentication that happens in two parts: entering a user`s password and using the generated code sent directly to his smartphone.
Activity monitoring and audit log
Activity tracking and audit log feature does not only give a possibility to control what happens in the VDR, but gives the information regarding the partners` level of interest in the deal. Tracking tools that are used in a good VDR usually let VDR owners to monitor the activities within the online space and make conclusions regarding the most concerned participants. This data is specifically useful for dealmaking when the success of the whole deal depends on the properly considered negotiations.
Permissions and restrictions
When there is an online repository, there is not any chance for users to access the wrong documents. The VDR itself takes control of the work and can make definite documents impossible to view for definite system users. The only step that has to be done in the beginning is determining the rights for all the participants, and they will certainly be rigorously followed.
The indicated section has been specifically created to ensure online communication between the participants. The offered way of interaction does not only let to quicken the process, but also adds to the security of the discussed information. To give an extra advantage, Q&A space might be combined with the users` notifying system and in-document linking which gives a possibility to link the certain files to the Q&A space.
Definite data rooms have basic interface which cannot be customized, some other give some or other possibility of customization. As well as changes in settings set by certain users, the organization that owns a data room has a chance to define its chosen interface. To make the data room easily recognizable for existing and potential clients, some companies introduce their logotypes and organizational colors.
The listed features are truly significant for files safety and data management. While the first three are specifically intended to ensure data safety, four other ones concern the means of using the data to make the transaction better controlled and advantageous.
Virtual repository is a software that has a potential to make a dramatic change in information storing and distribution, managind transactions, and building business relationships. If you observe the necessity for improving the quickness and productivity of your business procedures, begin looking for a good online data room right now and be sure to get the advantage tomorrow.