Deal rooms became very widely used within the past a couple of years. Businesses get varied benefits using them. So there is no surprise the VDR market became rather broad and profitable. Brand new providers come out all the time, and every one of them is willing to surprise users with interesting features on this never-ending war for the loyalty of the audience.
But do online meeting rooms actually differ that much from generic virtual storages? And why would a business pay for it? Since there are lots of people who will ask these questions, let’s find out the technology behind the deal room.
What is a virtual meeting room?
Let’s begin with the basics and talk about the app itself. It is a virtual repository where enterprises can store their sensitive files. But even considering that it is the most important function of such technology, the list of its features doesn’t end on just being a repository. Digital data room offers its users a complete interface for all business interactions. Here team members can share the data, discuss issues, get ready for meetings and some other. Basically, using this technology a brand will have a broad range of various features that will help to develop the work of the team and whole corporation.
So, while simple online storages can only offer a virtual space so a business owner can keep documents there, digital data rooms are a complete brand instrument. These tools can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business interactions.
Safety is above all
Sure, not all brand interacts with the classified information constantly. But even though this information can be not very sensitive, any leader of the company would want to have their files stolen or illegally used. Virtual storages like popular Dropbox or Google Drive are not perfectly safe to use – manifold cases of data leaks have shown it to us pretty clearly.
Thus, the most important difference of online deal rooms is the data encryption and diverse ways of protection. Of course, generic online storages encrypt their transmission lines too – but not exactly the transferred information itself. And if someone else has a direct link to the document, it can be easily stolen by malefactors.
Data room providers encrypt not only transfer lines but the data as well. There is no way they will experience any kind of danger caused by malicious acts of thieves. Additionally, all virtual deal rooms have a two-factor authentication. It means that to log in the user will be asked to enter the code that was sent to their smartphone in an SMS upon signing in.
Additionally, the owner of the digital data room can manage the level of access other employees have. Settings can be changed at any moment. And if any extraordinary situation appears, the room owner can destroy the document remotely or cut the access to it.
Unlike generic virtual repositories, data rooms are meant to develop the work of the company and within team members. So on top of that that participants can exchange the information with each other, they can as well be involved in discussions, go through various votings, create Q&As and much more. It is extremely convenient to have all tools in one interface.
Additionally, leaders of businesses have a chance keep an eye on the work process of their enterprises in the digital data room . Some providers even offer an artificial intellect implemented in their applications. It allows to predict situations and tendencies and get better insights. Also, leaders of businesses can follow thteam members and notice if there are any flaws in the workflow of the enterprise.
In conclusion, there plainly are varied reasons to implement a data room in your business and stop using simple online storages . Once you try an electronic data room, you will not want to stop using it.