Document management for companies has never been an easy task, even if it sounds very simple. Organizations deal with a ton of different data in a variety of formats and purposes. Physically storing them in archives slows down the entire workflow, takes time to find the right documents, and is time-consuming. However, with the advent of digital solutions and the ability to digitize documents, the entire document management process has changed dramatically. Data room solutions are a unique secure repository that allows easy access and functioning of documents. Learn more about their benefits below.
What are virtual data rooms?
A virtual data room is an online storage space for storing and distributing sensitive company documents without the risk of data leakage. In addition to advanced security features, the space also has useful document organizing tools to help make it easier for your employees to work, find the documents they need and navigate the space. Also, in the space you can share files and work on projects, the whole process can be controlled and monitored by an administrator.
VDR is able to support you during complex business operations that require sharing valuable data with a third party. Access to the data room is as easy as possible and is supported from any location, device, and firewall.
How does VDR help structure virtual documents?
A virtual data room allows many users to be in the space at the same time, which means many actions happen in the same second. Users can perform tasks, forward documents, etc., which can disorganize all documents. However, quality providers provide their customers with the ability to structure, manage and track all files in real-time. Its benefits include:
- Security
The main advantage of VDR is its security. No other document storage and sharing platform can provide this level of security as VDR. The Data Room has both powerful built-in security features and external physical storage. As a rule of thumb, the data that is stored in the DWDR is transferred to multiple storage centers at once, which have key card access, backup, and fireboard. The platform itself is equipped with data encryption, dual authentication, watermarks, and detailed access permissions. Also, all VDRs are certified and meet international security standards.
- Easy to use
For successful transactions, clear organization of documents is key to partner location and a thorough due diligence process. Each folder and file must be clearly signed and numbered. This is especially important if you are negotiating with multiple counterparties. This will help them better navigate through the documents and facilitate quick decision-making. To help you organize your data efficiently, VDRs use features such as bulk loading or drag-and-drop to instantly move documents into the space, automatic formatting, and indexing. All you need to do is have a clear document storage scheme and proper folder and subfolder signatures. If you’ve already organized your document workflow before VDRs came along, you can migrate your entire system without changes, just the way it is. Smart search will make your search a fraction of the time easier. Automatic document synchronization will reduce instances of misinformation. All changes will immediately appear in other versions of this document.
- Document control
VDR allows you to minimize the cases of human error by ensuring that no document is sent by mistake. You can also make sure that users are viewing exactly the right documents. Data rooms let you set document access times, disable collaboration features (copying, printing, uploading, and forwarding), and put dynamic watermarks in the document.