Virtual deal rooms became incredibly widely used during the past several years. Corporations get a lot of advantages implementing them. So there is no surprise the online meeting room market became rather big and profitable. New providers appear constantly, and every one of them does its best to amaze customers with new instruments on this never-ending war for the loyalty of the audience.
But do virtual deal rooms really differ that much from virtual repositories? And why would a enterprise pay for it? Since there are lots of individuals who might ask these questions, let’s learn the technology behind the digital data room.
What is a virtual deal room?
Let us start with the basics and talk about the software itself. It is a virtual storage where enterprises can store their sensitive documents. But although it is the most important feature of such technology, the list of its instruments doesn’t end on just being a repository. Online repository offers its users a complete interface for all business interactions. Here parties can exchange documents, discuss details, get prepared for meetings and some other. Basically, using this technology a business will have a full range of handy instruments that will allow to enhance the performance of the team and whole corporation.
So, whilst ordinary virtual storages can only give a virtual space so a company owner can store files there, online meeting rooms are an extensive business instrument. They can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Security is above all
For sure, not all firm interacts with the classified information on the every day basis. But even though this data can be not really important, any business owner would want to get their files stolen or illegally used. Online storages like trendy Dropbox or Google Drive are not perfectly protected – vast cases of information leaks have shown it to us very clearly.
Thus, the main difference of digital data rooms is the data encryption and diverse ways of protection. Of course, generic virtual storages encrypt their transmission lines as well – but not exactly the transferred information itself. And if someone has a direct link to the file, it can be easily stolen by hackers.
Virtual meeting room providers protect not only transfer lines but files as well. There is no way they will go through any kind of danger caused by malicious acts of hackers. Additionally, all digital data rooms have a two-factor authentication. It means that to log in the user will have to enter the code that was sent to their smartphone in an SMS when signing in.
Additionally, the administrator of the VDR can control the amount of access other partners have. Settings can be changed at any moment. And if any extraordinary situation occurs, the room administrator can eliminate the file remotely or cut the access to it.
Unlike generic virtual repositories, electronic data rooms are created to improve the work of the company and among team members. So besides that participants can exchange documents with each other, they can also get involved in conversations, handle diverse votings, manage Q&As and much more. It is very convenient to have all instruments in one interface.
Additionally, business owners have an opportunity keep an eye on the performance of their corporations in the virtual meeting room virtual data room . Some providers even offer an artificial intellect implemented in their programs. It allows to predict situations and tendencies and get better insights. On top of that, leaders of firms can keep an eye at themployees and see if there are any problems in the work of the business.
In conclusion, there unquestionably are different reasons to get a online deal room in your brand and stop using simple virtual repositories . Once you try a virtual data room, you will not want to get rid of it.