The importance of digital solutions in business must not be undervalued. Several researches confirm that using online tools does not only improve the quickness and effectiveness of most business procedures, but is the required condition of keeping a competitive position in the market. Among the most in-demand technologies for business is a virtual repository. Check how it can be useful.
Virtual repository is the innovation that has earned the huge demand during the last decade. Being initially introduced for processing mergers and acquisitions, the technology quickly got frequently applied in plenty of other areas with the unchanged success: clinical studies, fundraising, legal affairs, real estate, biotech, etc. The main benefits of the software are its comfortable operation and security: parties have an opportunity to work with the virtual data room at any time any moment, from anywhere, and having no concerns about their data security.
When it is time to choose the virtual platform for processing deals, it is much recommended to learn more about the characteristics and options it has to make sure this VDR can surely bring advantage to your client – more about dataroom providers. The most popular functions to require from a sophisticated VDR are the following ones:
Different providers have different security tools for ensuring the files protection, but information encryption is among the most traditional ones. Encryption supposes encoding the data placed in the VDR to make the text unrecognizable for unauthorized users in the data room. This is the most important anti-hack step which is a required element for all the virtual data rooms. The distinction can only be in the encryption standard which was used: the latest is 256-bit SSL, but 128-bit is considered highly secure as well.
If encryption is a protection from improper accessing, watermarking is a protection from illegal sharing. Digital bits enclosed to the files contain the information about their owners thus the rights can be absolutely protected. The watermarks might be dynamic and, in this case, they can collect the information about the accesses to the documents that took place.
The best way to fully protect the VDR from hackers` activity is to restrict their possibility of even accessing the documents. To achieve this, most trustworthy vendors apply two-step logging-in process , which proceeds in 2 components: using a user`s password and using the generated code that was sent right to the user`s mobile.
Activity tracking and audit report
This function does not only give a chance to check what actually happens in the data room, but also provides the information about the parties` engagement in the deal. Tracking tools that are used in a chosen virtual data room usually allow owners to track the activities within the virtual space and build conclusions about the most active parties. The received data is especially valuable during due diligence when the success of the whole deal may be influenced by the properly led negotiations.
With a virtual data room, there exist no possibility for users to gain access the wrong files. The data room itself checks the work and can make certain files impossible to view for the chosen system users. The important thing that must be made beforehand is setting the rights for all the system users, and to be sure they will certainly be exactly followed.
Questions and Answers section
The mentioned section has been specifically designed for ensuring online communication between the participants. This way of interaction does not only allow to reduce time, but also improves the safety of the discussed matters. To increase users` comfort, Q&A section might be combined with the users` notifying system and document linking feature which gives a chance to drag the files into the Q&A space.
Certain online repositories offer standard interface that can`t be changed, the other give definite possibility of customization. In addition to setting changes set by the users, the organization which possesses a VDR has a chance to introduce its chosen interface. In order to make the data room easily recognizable for current and potential clients, some organizations apply their logo and organizational colors.
The indicated features are truly valuable for files protection and easy management. While the first three ones are used to ensure the documents safety, the other ones concern the means of managing the information to make the deal fully controlled and beneficial.
Virtual repository is a technology which can make a dramatic change in data storing, managind transactions, and interacting with business partners. If you have decided on improving the quickness and productivity of your business processes, begin looking for a reliable virtual data room today and be sure to get the benefits tomorrow.