Virtual deal rooms became rather popular within the past few years. Businesses get differing benefits using them. So there is no wonder the online meeting room merrill datasite market became extremely broad and profitable. New providers are invented all the time, and every one of them is willing to amaze users with unique instruments on this constant battle for the loyalty of the audience.
But do online deal rooms actually differ that much from online repositories? And why would a company give money for it? Since there are many individuals who would ask these questions, let’s learn the technology behind the digital data room.
What is a virtual data room?
Let’s start with the basics and take a look at the app itself. It is a virtual repository where brands can store their sensitive information. But even though it is the main feature of such technology, the list of its features doesn’t end on just being an archive. Virtual deal room offers its users a complete interface for all company interactions. Here employees can share the information, discuss issues, get prepared for meetings and some other. Basically, using this technology a brand will have a full range of important features that will allow to upgrade the workflow of the team and whole corporation.
So, whilst generic virtual storages can only offer a virtual space so a corporation director can store the data there, online deal rooms are a complete company tool. These instruments can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other processes within the company.
Security is vital
Sure, not all enterprise works with the sensitive data all the time. But although this information can be not very sensitive, any leader of the company would want to get their information stolen or illegally used. Virtual repositories like popular Dropbox or Google Drive are not actually safe – many cases of information leaks have shown it to us pretty clearly.
So, the main difference of virtual deal rooms is the data encryption and numerous methods of protection. Of course, ordinary online storages encrypt their transmission lines as well – but not really the transferred data itself. And if someone has a direct link to the document, it can be easily stolen by hackers.
Virtual data room providers protect not only transfer lines but the data as well. There is no way they will be exposed to any kind of danger caused by malicious acts of hackers. Moreover, all online meeting rooms have a two-factor authentication. It means that to enter the system the user will have to enter the code that was sent to their smartphone in an SMS when signing in.
Besides that, the owner of the VDR can take the control of the level of access other partners have. Settings can be changed at any time. And if any unusual situation happens, the room owner can eliminate the document remotely or stop the access to it.
Unlike simple online repositories, deal rooms are made to enhance the working process of the enterprise and within parties. So besides that participants can exchange files with each other, they can as well be involved in conversations, handle diverse votings, create Q&As and much more. It is incredibly convenient to have all tools in one interface.
Additionally, CEOs can track the workflow of their enterprises in the virtual data room . Some providers even have an artificial intellect implemented in their programs. It allows to forecast events and tendencies and get more detailed insights. Moreover, entrepreneurs can keep an eye at themployees and see if there are some flaws in the workflow of the team.
In conclusion, there decidedly are plenty of reasons to implement a VDR in your business and stop using generic online repositories . Once you try an online deal room, you will not want to get rid of it.