For every profitable enterprise, it is vital to evolve by gaining new customers and getting rid of costly processes that take up valuable time. Online data rooms are the innovation that will help you succeed in these two areas.
An electronic data room provides secure data exchange and storage in a private corporate cloud or within the company’s perimeter. It is a product of combining elements of a web content management system and a document management system. A VDR is a repository for storing and sharing confidential corporate documents in electronic form and with a clear structure.
Virtual Data Room for Your Business: Main Benefits
Physical data rooms require a lot of expenses for utilities, repairs, cleaning, furniture, and more. Imagine that you no longer need to pay for all that. Forget about business trips and waiting times for meetings.
Datarooms completely replace physical rooms and storage for documents or the preparation of materials. Forget about the reception for the secretary because now you can manage the process in two clicks.
Fewer and fewer companies store documentation in paper form, but most people are afraid of third-party file-sharing apps. Virtual data rooms are one of the most reliable ways to save documents and share them with partners without fear of information leakage.
Among the main advantages are the following:
- less cost;
- huge functionality;
- data storage and exchange;
- principle of E2E encryption using secure transport protocols SSL or TLS;
- multilevel access;
- the ability to fix data leakage;
- access to analytics etc.
Only you will have unlimited access to risk-free added documents. You will discover the comfort of working with data in VDRs. Any virtual data room supports the most popular formats and is equipped with an intelligent search that will help you navigate a large number of files. To authenticate the official documentation, you can use the watermark feature.
VDR Implementation Stages
For your convenience, the standard procedure for installing datarooms is described below:
- Initially, the software will be installed on the workstation. The client and server then exchange encryption keys. It is not necessary to install the application – you can work using a browser.
- An administrator or a user with the necessary rights uses the directory to synchronize documents with the corporate data store.
- Data in the synchronized directory becomes available on the user’s desktop PCs and authorized mobile devices.
- If necessary, the user can create workspaces – shared folders for collaborating with documents with their employees.
- The necessary documents are loaded into the system.
- The account in use can be disabled by the administrator if necessary. It can also retain the ability to access for re-entry.
The whole procedure will take no more than a quarter of an hour. If you use it, the mobile version precisely conveys the usual one. You can also carry out various actions from the tablet with the same convenience.
Best VDR Providers
The market is full of great solutions for storing and sharing data. Feel free to read these virtual data room reviews to find out about the best VDRs available to businesses of any scale.
Headquartered in the USA, iDeals was founded in 2008. You may use a free trial for a month. The main advantages are:
- User-oriented design;
- Multilingual interface;
- Drag-and-drop upload;
- Has user management and access controls;
- Plain migration from other VDRs;
- convenient and understandable functionalities.
The only weakness is the unintuitive reporting feature as many claims.
The company was founded in 1968 in the USA, providing wealth management and financial services. Merril offers a 2-week trial period for its VDR. The main advantages are daily updates of uploaded documents, intuitive file storage management, and a full-text search feature.
The main shortcomings are the complex ‘Index’ data room view by default, a quote-based pricing plan, and a short free trial.
Dealroom.co is a platform that promotes new investors’ and tech companies’ interaction and sharing of data. It was established in 2012. Its main advantages are drag-and-drop capabilities, intelligent search, pipeline management, live-link documents, and progress reporting. Sadly, there is no mobile application.
This online data room software was launched in 2005 in the USA. The trial period is relatively short – only 14 days. The main strengths are industry-leading user desktop virtualization, intuitive web interface, automated workflows, and secure document management.
Nevertheless, there are some weaknesses such as installation problems on Linux, complicated setup process, and slow upload of large files.
Each customer chooses a convenient online data room software for their goals and needs. After the choice of the provider is made and all the details are clarified, you can proceed to the direct creation of the project.
If necessary, documents are converted into electronic format. Then, an almost finished project is filled with documents, access rights are created for them, their performance is checked, and the virtual data room is transferred to the customer for testing.
After the work is approved and changes are made, the provider trains the customer to work with the virtual room, after which it is possible to distribute access to potential buyers. It allows you to quickly download large amounts of information and further provide limited access to it to trusted persons.