What is a Virtual Data Room?
A virtual dataroom is an online platform for document management that streamlines workflows and keeps confidential information safe. It eliminates the need to mail physical files and makes it easier for teams to access records from any place at any time. Its cloud-based architecture means there are no significant hardware needs for users, besides the internet connection and a modern web browser. Virtual information spaces are popular with life science and technology firms that need to protect confidential information and close deals.
Streamlining workflows
The majority of people have to go through folders when it comes to managing their documents. Virtual data rooms streamline the process, reducing time and effort. With the use of a simple search, user can find the file they’re looking for in just a few seconds. Furthermore, most VDRs also offer advanced features like redaction and fence view that help to ensure personally-identifiable data stays private. Fence view, for instance, blacks out certain sections of a document so only administrators can see what’s hidden while keeping the rest of the record visible.
Secure sensitive information
Many companies share confidential paperwork frequently. Whether it’s due diligence for mergers and acquisitions, or simply working with clients the type of documentation needs to be secure. VDRs provide the most efficient method of sharing these documents with third parties without the loss of the confidentiality. They are also cheaper than flying experts and stakeholders to another city via plane to look over physical documents.
Besides storing and sharing confidential information, a virtual space can also facilitate collaboration on projects much easier. Businesses can avoid costly mistakes with a platform that allows multiple teams to collaborate on the same project. This type of collaborative platform also helps companies stay in compliance with industry and regulatory standards.
Most reliable vendors are certified to at the very least ISO 27001 and SOC 1/2/3. They also have GDPR and HIPAA certifications. They also offer a wide array of security options that can be adapted to meet the requirements of any business. This includes two-factor authentication, data encryption and IP address restriction.
Choosing the right virtual data room is essential for businesses that need to improve their workflows and increase collaboration. It is important to evaluate the various options available and choose a vendor that offers flexible pricing that can be scaled as the company grows. Also, look for an initial trial version of the software, so you can try it before committing to an annual contract. It is also essential to choose a service that offers 24/7 customer support and can respond to any queries in a timely manner. This will help you feel comfortable in your decision and make an informed choice that will benefit your company.