Electronic data rooms became quite popular over the past few years. Businesses get lots of advantages adopting them. So there is no surprise the online meeting room market became pretty vast and profitable. New providers are developed all the time, and every one of them is trying to surprise customers with useful features on this eternal war for the loyalty of the audience.
But do virtual data rooms really differ that much from virtual repositories? And why would a enterprise give money for it? Since there are many people who would ask these questions, let’s find out the technology behind the online meeting room.
What is a virtual data room?
Let us start with the basics and discuss the application itself. It is a virtual storage where enterprises can store their sensitive files. But even though it is the main function of such technology, the list of its features doesn’t end on simply being a repository. Online repository offers its users a complete interface for all company interactions. Here employees can exchange documents, discuss details, get prepared for meetings and much more. Basically, implementing this technology a corporation will have a vast range of useful features that will allow to advance the performance of the team and whole business.
So, while simple online repositories can only offer a virtual space so a corporation director can store the data there, electronic data rooms are a complete firm tool. These instruments can be used during Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Safety is vital
Sure, not all enterprise interacts with the sensitive information every day. But even though this information can be not quite sensitive, any company owner would want to have their documents stolen or illegally used. Online storages like widely used Dropbox or Google Drive are not quite safe – diverse cases of data leaks have shown it to us very clearly.
Thus, the main difference of virtual data rooms is the data encryption and diverse methods of protection. Sure, ordinary cloud hosting services encrypt their transmission lines too – but not exactly the transferred information itself. And if someone has a direct link to the document, it can be easily stolen by hackers.
Online deal room providers encrypt not only transfer lines but the information as well. There is no way they will experience any kind of threat caused by malicious acts of hackers. Additionally, all data rooms have a two-factor authentication. It means that to enter the system the the party will need to enter the code that was sent to their phone in an SMS while signing in.
Additionally, the administrator of the deal room can take the control of the amount of access other team members have. Settings can be changed at any time. And if any unusual situation appears, the room owner can destroy the document remotely or take away the access to it.
Unlike ordinary online repositories, online meeting rooms are made to develop the workflow of the business and within team members. So on top of that that team members can share the information with each other, they can as well get involved in discussions, go through diverse votings, manage Q&As and much more. It is quite useful to have all tools in one interface.
Moreover, company owners are able to keep an eye on the performance of their businesses in the online deal room virtual data room reviews . Some providers even offer an artificial intellect implemented in their software. It allows to forecast situations and trends and get better insights. Also, entrepreneurs can track themployees and see if there are some flaws in the work of the company.
In conclusion, there clearly are large numbers of reasons to adopt a electronic data room in your firm and stop using simple online storages . Once you try a data room, you will not want to get rid of it.