The significance of information technology helpers in dealmaking must not be undervalued. Several research works confirm that using digital technologies does not only increase the quickness and efficiency of most business procedures, but is the required condition of remaining competitive in the market. One of the most advantageous online tools for business is a VDR. Learn how it can help your business.
Online data room is the innovation which has gained the great popularity within the last decade. Being first introduced 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 key benefits of the technology are its convenient operation and security: users have an opportunity to work with the data room at any time any moment, from any location, and without worrying having no worries about the information safety.
When it is necessary the virtual platform for supporting business transactions, it is highly important to know all about the main characteristics and options it possesses in order to make sure this data room can truly benefit your users – more about online data room. The most in-demand features to expect from a trusted VDR are the following:
Various providers use various security instruments for achieving data safety, but data encryption is always among the most common ones. Encryption involves encoding the data stored in the data room in order to make the text unrecognizable for those users who are not authorized in the data room. This is the most important anti-hack measure which is a required element for all the VDRs. The variation can only be in the standard of encryption that was used: the latest is 256-bit, but 128-bit is considered highly secure as well.
While data encryption is viewed as a protection from illegal accessing, using watermarks is a protection from illegal sharing. Special bits attached to the documents store the data about the document`s owners so the rights can be fully protected. These watermarks might be dynamic which means that they can store the data about the previous accesses.
The greatest way to save the VDR from hackers` activity is to limit their chances of even viewing the documents. For this reason, most trustworthy VDRs offer two-way verification process , which proceeds in two parts: entering a common password in a combination with typing down the code sent straightly to his mobile.
Activity tracking and audit report
Activity tracking and audit log feature does not only give a possibility to check what actually happens in the data room, but gives the information about the sides` level of interest in the deal. Tracking tools used in a definite virtual repository mostly allow VDR owners monitor the activities in the online repository and draw conclusions about the most interested participants. This data is highly in-demand in dealmaking when the outcomes of the whole transaction may be influenced by the properly prepared negotiations.
With a virtual repository, there exist no chance for participants to view the improper documents. The VDR itself controls the work and can make definite documents inaccessible for the chosen system users. The only step that has to be done in the beginning is identifying the permissions for individual users or groups, and to be sure they will certainly be exactly followed.
Questions and Answers section
The mentioned section has been intentionally designed to arrange web-based communication between the participants. The offered way of communication does not only allow to quicken the process, but also increases the security of the discussed information. To give an extra advantage, Q&A space may be equipped with the electronic notification system and in-document linking which gives an opportunity to drag the files into the Q&A space.
Some VDRs offer standard interface that can`t be changed, the other products give some or other possibility of customization. As well as variations in settings set by certain users, the organization which has a data room has a chance to introduce its chosen interface. In order to make the VDR more recognizable for existing and potential clients, large corporations apply their logo and organizational colors.
These seven features are truly important for document security and efficient working. While the first three ones are used to ensure the files protection, four other ones relate to the means of using the information to make the working process better controlled and beneficial.
Virtual data room is a tool that can introduce a significant change in the way of storing data, processing deals, and communicating with business partners. If you observe the necessity for improving the speed and productivity of business processes, start choosing a reliable online data room right now and be sure to get the benefits tomorrow.