The role of IT solutions in dealmaking can hardly be overvalued. The numerous researches state that using IT solutions does not only increase the speed and effectiveness of main business transactions, but is the required condition of keeping a competitive position in the market. Among the most attractive platforms for business is a virtual data room. See which way it can benefit your business.
Virtual repository is the recent development that has got the great demand lately. Having been primarily introduced for processing deals, it soon became actively applied in the other industries with the unchanged success: clinical studies, fundraising, legal practice, real estate, biotech studies, etc. The key advantages of the technology are its convenient operation and confidentiality: users have a chance to work with the VDR anytime, from any location, and having no concerns about the information safety.
When it comes to choosing the virtual solution for processing definite business transactions, it is most recommended to check on the main characteristics and options it has to be sure it can truly bring benefit to the users – more about . The most popular functions to expect from a trusted service are the following ones:
Different vendors offer various safety-related measures for achieving data safety, but information encryption is among the standard ones. It involves encoding the information stored in the data room to make the symbols unrecognizable for those users who are not authorized in the VDR. This is the main anti-hack action which is a required element for any data room. The distinction might only be in the encryption protocol which was used: the latest is 256-bit SSL, but 128-bit is considered highly secure as well.
While data encryption is viewed as a protection from illegal accessing, using watermarks is a protection from improper distribution. Digital watermarks attached to the documents keep the information regarding their ownership thus the rights can be easily protected. The watermarks might be dynamic and, in this case, they can collect the information about the previous accesses to the document.
The most trusted way to secure the data room from hackers` attacks is to restrict their possibility of even gaining access to the files. For this reason, many trustworthy vendors use complex logging-in process that happens in two components: using a permanent password in a combination with using the generated code sent straightly to his smartphone.
Performance monitoring and reporting tools
This feature does not only give a possibility to control what exactly happens in the VDR, but also provides the information about the partners` interest in the transaction. Monitoring tools that are used in a good VDR usually let VDR owners to track what happens within the virtual storage and make conclusions regarding the most concerned deal members. The received information is specifically in-demand for dealmaking when the outcomes of the whole deal depends on the well considered final negotiation.
Digital rights management
With a VDR, there can be no possibility for users to view the improper files. The system itself checks the operations and makes definite files impossible to view for the chosen users. The necessary thing that has to be made beforehand is identifying the rights for individual users or groups, and they will certainly be carefully followed.
Questions and Answers section
This module has been intentionally included to ensure online interaction between users. This way of interaction does not only let to reduce time, but also increases the security of the discussed matters. For users` convenience, Q&A section can be equipped with the electronic notification system and in-document linking that gives a chance to link the certain files to the Q&A space.
Certain data rooms have basic interface that can`t be changed, some other allow slight or great possibility of customization. In addition to setting changes made by the definite users, each organization which possesses a virtual data room may select its desirable interface. In order to make the data room recognizable for current and future clients, well-known organizations use their logotypes and company colors.
The mentioned characteristics are truly valuable for document security and easy management. While the first three ones are necessary for ensuring the files security, four other ones concern the means of using the information to make the working process more controlled and advantageous.
Online data room is a solution which has a potential to perform a dramatic change in data storing, processing deals, and interacting with partnering organizations. If there is a need for improving the quickness and effectiveness of your business processes, start choosing a good online solution right now and be sure to get the profit tomorrow.
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