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- Virtual Data Room Solution
- What is a virtual data room?
- Benefits of a virtual data room
- Top virtual doom providers in 2022
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Businesses of different sizes from all over the globe are rapidly moving from paper documentation systems to digital solutions. However, with technological growth in business sectors, data security concerns have given corporations and even small business owners nightmares.
Virtual Data Room Solution
Even 2021 was a horrible year in terms of data breaches where the personal data of more than 100 million Android users were compromised due to misconfiguration issues. Shockingly, that’s just one example of a data breach last year, and there are so many others.
Does that mean that even the digital channels are not safe for storing corporate-level documents?
No, as not every digital data storage solution is that much vulnerable to security breaches, and a virtual data room is one prime example. Virtual data room software is more reliable and safe than many other data storage platforms available in the market.
What are virtual data rooms? Why are they so secure? What are their benefits? What are some of the best data room services in the market? Follow this quick guide for all these answers.
What is a virtual data room?
A virtual data room, aka electronic data room, is a highly secured, cloud-based repository primarily designed for storing corporate documents. Data room allows the users to upload, store, share, or edit business documents without worrying about security concerns.
What’s more, the users or administrators can set access restrictions on any document, add digital watermarks to deal with copyright issues, and share files in encrypted form.
Due to their high-level security features, data room software is viral in various business sectors such as M&A markets, IPOs, capital venture firms, healthcare industry, legal firms, real estate, etc.
Benefits of a virtual data room
Here are some major benefits of a digital data room solution.
Data security is the fundamental attribute of any virtual data room. Also, the data room provides security against internal and external threats. For example, the two-way authentication factors help in avoiding an unwanted intrusion in the data room.
Similarly, users can share business documents in encrypted form and add digital watermarks to prevent copyright issues.
Data sharing and collaboration
A virtual data room is not just a data repository; it is a comprehensive virtual space where users can share files, engage in group discussions, or communicate with each other privately. Multiple users can work on a single document at the same time. They can add notes, edit, or modify any document in real-time.
What’s more, businesses can add stakeholders and investors to the data rooms and give them access to business documents depending on their needs.
Virtual data rooms are remotely accessible, and this is a massive benefit for remote project teams or businesses who follow work-from-home policy. Their employees can share documents, brainstorm, communicate with each other, or even arrange video conferencing in virtual data rooms. Most importantly, stakeholders can access virtual data rooms from anywhere and monitor data room activities.
Data room due diligence
Virtual data rooms have made due diligence easier and safer. That is the reason why data rooms are prevalent in M&A transactions and real estate deals. Digital data rooms act as secure, central platforms in M&A transactions where sellers make their business data available 24/7 to potential buyers. Buyers can easily evaluate every single document to ensure they don’t skip anything and make more informed decisions.
Top virtual doom providers in 2022
The market is full of data room vendors, but can you trust everyone? NO, absolutely not! For starters, you should always look for certified (complying with international data security standards) data room services. Then, look for the features you want in your virtual data room and see which service provider can cater to your needs. Here are some of the best data room services available in the market.
DealRoom is one of the most popular data room software available in the market, highly recommended for corporate development and M&A.
- Document watermarks
- Virus scanning
- Data backup
- SSAE 16 certification
- Multiple levels of user permissions
- In-depth analytics
- AI Integration
SecureDocs data room is trusted by the world’s renowned companies such as BuzzFeed, Asana, and New Relic. Its security and easy usability set it apart.
Featuring an intuitive interface, it allows you to create an account within a matter of a few minutes. Even if you haven’t used a VDR before, you won’t need any guidance to get started!
- 10-minute implementation
- Industry-leading security
- 24/7 service and support
- Instant access to the desired information
- Affordable pricing options
Sharefile lets you access and shares all your files and documents in a few simple clicks. With unlimited storage, you never have to worry about handling clusters of data.
What’s more, a convenient email plugin and the ability to send large files at once make data sharing across the group super easy.
- No storage limit
- Encrypted emails for maximum security
- Streamline collaboration with customizable workflows
- Custom client portal
- Automatic file syncing
- Office 365 integration
If you are looking for a versatile VDR that’s not just a data-storage platform but covers all the bases for enterprise-level businesses, iDeals is an ideal choice.
This data room service is specifically designed for corporate development, investment banking, and private equities.
- Instant and simple search
- Reports covering user activity
- User-friendly interface
- Ability to manage permissions of each user
- 24/7 customer support
Furthermore, if you want to explore more options in the VDR market, this review site datarooms.org might help.
The best virtual data room solution is the one that fits your business needs. However, always make sure you never compromise on essential elements such as data room security, ease of use, etc.
Small businesses need to look for cost-friendly options such and the basic plans may work fine for them. However, if you need enterprise-level data room services, go for bigger names such as the ones listed above. Remember to do your own comparison and research to go for the best-fitting solution.
Thank you for reading!