Digital document storage has become quite a popular practice among business companies and other institutions. It is convenient, it does not take a lot of space and it makes documents much easier to find, but still not all storage methods are as reliable as one would like. Using a data room to store and share documents could solve many of your problems. VDR documents are easy to upload and organize, and are stored in absolute privacy. In this article, we’ll take a closer look at VDR’s document management abilities, and its other features.
What is a virtual data room
A virtual data room is a cloud-based space that, in addition to securely storing and sharing documents, also helps with closing deals, working together on projects, and improving overall company productivity.
You can use data rooms instead of physical document archives, but you can also share your sensitive documents within the program in a completely secure manner.
Originally, VDRs were created to simplify and speed up M&A transactions, but due to the rapidly evolving needs of the modern business world, the capabilities of the space also began to evolve and now VDRs provide many other services besides M&A transactions.
Why do we need a VDR
As thousands of companies around the world, from all industries, are now opting for virtual dorm rooms to organize and store their documents, it is no wonder that the VDR market is growing rapidly. Indeed, data rooms are tools that are hard to do without, and below we describe their main features:
- Document Management
Data Rooms have either unlimited or roomy storage so that you can upload your documents there. VDRs supports almost all file types, and you don’t have to format them in advance. VDRs also use automation features that simplify your work and save time. You can upload all your documents at once using mass upload or drag-and-drop, and during upload, all your data is automatically indexed so it’s easier to find later. Create your unique folder and subfolder structures so that you and your colleagues and potential clients can easily adapt to the space. Data rooms have smart search features so you can find the file you need in seconds.
- Security and access control
The space automatically encrypts your documents as soon as they enter the space, but beyond that, they also provide permission features. VDR administrators can set individual file access permissions for any user. So, some might not see a document in the program, or they might not be able to access a certain part of the document. You can also deny interactions with them, such as prohibiting them from copying, editing, forwarding, uploading, or screenshotting the document. Taken together, these features give you a near 100% guarantee of data leak protection.
- Improved communication between users
The program provides access to the information within it at any time and from any location or device. This flexibility allows you to view the information you need even when you’re on the go. Also, VDRs provide useful tools for user collaboration, such as comments or a question and answer section. One user can leave a question of interest while others are automatically notified. Other users are happy to answer your questions. Collaboration features are the ability to work in one document in real-time.
- Data analytics and tracking
Administrators have access to information about what other users have done within documents. Using this information intelligently, you can predict the outcome of your transaction. Also, it will help to reveal any mistakes and correct them in time.