There is no problem left that technology can’t solve. IT businessmen keep looking for real life problems to create a soft solution for them.
There doesn’t even have to be a problem. If there is any room for improvement, you will find a technology to help you there. Virtual Data Room is one fine example of how there is a precise solution for every inadequacy.
Commonly known as VDR, data rooms are online repositories that help you manage documents and files. One might ask why you need an online space for that. Its need arises where you need administrative control and discretion of sensitive data. In case you are wondering if you need a Data Room, here is everything you need to know.
Who Uses Data Rooms
Every industry that has sensitive files and documents has a need for data rooms. It allows you to manage and share the most confidential information among authorized employees and companies with a peace of mind. The following are some of the industries where the use of data rooms is most common.
- Legal Firms
- Pharmaceutical Companies
- Funds and Private Equity
- Investment Banking
Comparing to Online Storages
The first question one asks about data rooms is how they are different from online storage services like Google Drive and Drop Box. After all, they are also free. These are great services, no doubt, but they don’t serve this purpose right. Virtual data rooms are specifically built to provide safe document structuring and sharing. With the right data room service provider, you will get a friendly user interface and won’t find any processes to waste to your time.
VDRs have many control and security features that allow you to grant access to each individual according to his rights. Though you get a friendly appearance, there are international security standards running in the background to provide bank-level security. They particularly come in handy when you have to share a lot of data with other firms.
What Makes VDR Better?
Compared to any other file sharing system, data rooms are advanced and more reliable management systems. They have just one specific task, and they are especially built for them. Here are a few things you can only do with a virtual data room.
As its only focus is on document files, data rooms have more features and control to offer to its users. For example, you can disable print or download options of a file. If you are worried someone might rebrand your work, you can add a dynamic watermark. Moreover, you can set limits to how long a file can be viewed, after which it expires.
Every user has customizable permissions making the data more private and secure. All files in the data room are encrypted and protected by multiple layers of security.
Reliable in Due Diligence
Professionals find its due diligence the most helpful feature. It’s particularly useful when there are mergers and acquisitions. No service other than data rooms can make diligence faster, easier, and more secure.