A virtual data room is a cloud-based system for storing data and company-critical information. Data rooms have enhanced data protection since they are also a confidential system. Modern companies and corporations have recently paved their way to virtual data rooms not only because physical data rooms have become obsolete. The main reason for this is that VDRs come with innovative solutions and offer a number of advantages in use.
Most businesses can benefit from a secure virtual storage for their sensitive documents and files. There are certain types of transactions that require these services more often than others. Using VDRs also help improve productivity metrics and reputation among partners, customers, and competitors.
The Benefits of Virtual Rooms
Nowadays, virtual data rooms accompany business activities from providing information to partners of investment funds to obtaining certificates issued for medical products, that is, wherever it is necessary to provide convenient access to confidential information to certain people and for a certain period of time. Let’s consider a number of benefits that go a long way towards making your workplace more convenient:
- Security is paramount everywhere and always, especially in virtual data rooms. VDRs adhere to E2E encryption-based file sharing and storage and always conform to global criteria and standards: SSL or TLS protocols. Such systems maximize the efficiency of secure storage and file exchange and can be protected against MITM attacks. DRM document security: safe and reliable remote management of information. You can control the files even after other users have already downloaded them.
- Mobility is always handy. You no longer need a special room or office to store all your documents. Mobility is key to quickly finding and sending data when required. In addition, the administrator can grant and restrict access to certain users and participants, affecting data security.
- Control of actions and reports. While in the past it was all about spending hours making reports, with the introduction of a virtual data room directors are now timely aware of the latest activities and can control the processes for completing tasks. They keep track of everything independently and don’t waste their time on paperwork or search. Data rooms make it easy to track who is responsible for a particular task, what progress is being made, etc. Moreover, you can assign deadlines and people responsible for the task completion.
- Savings and profits. With a virtual data room, there is no need to worry about allocating the room to store documents, hiring a security firm to provide security, or spending gas for delivering papers. After all, have you ever wondered how much paper and ink you could save? Environmental issues matter.
The Best Virtual Data Room Providers in 2022
Here is a virtual data room providers overview for you to learn more about innovative solutions in the global VDR market.
iDeals
Bankers, lawyers, managers, and entrepreneurs have tried and tested this software, which ranked number one and has many positive reviews from users worldwide. It helps to safely and comfortably deal with many issues and problems in business and also enables you to achieve your goals faster and better.
Key features
- Fast file uploading, supporting more than 25 formats.
- High security, including two-factor authentication and encryption.
- Calendars, agendas, and project constructors.
- Wide range of collaboration settings.
- Accurate real-time recording of reports.
- Graphs and custom reports that show user activity.
- Simple and intuitive interface.
- Three pricing plans for different types of activities.
Datasite Diligence
Datasite Diligence is a state-of-the-art cloud solution for various firms, corporations, and companies and is suitable for any business activity. The software offers fast and easy configuration and a secure file and project management system. It helps you streamline your project and transaction management processes, track workflows, collaborative working, and much more.
Key benefits
- Software support in more than 20 languages. Easy-to-use interface, qualified support service, training materials: videos, manuals, audio files.
- Advanced settings for managing publications, editing, and collaboration.
- Polls and voting features.
- Tools to create agendas and notifications for a specific date.
- High-security system and, in addition, use of 256-bit AES encryption.
- Multi-channel support via phone, email, or chat.
- A portal where you can provide feedback and comments on projects.
FirmRoom
FirmRoom offers an online data room with basic functions of a VDR. This software has been honored with the Rising Star Award from FinancesOnline. The product is known as an ideal solution for mergers and acquisitions, but it is also suitable for any company, regardless of its line of business. Notable users include Pfizer, Baird, and J.P.Morgan.
Benefits to look out for:
- Advanced user settings, ISO 27001 certification and other requirements for global standards, high security of use, and level of protection.
- Quick two-click upload functions, support of more than 24 document formats.
- Expert service support by phone, after-hours, or online chat.
- User-friendly interface that does not require special technological knowledge.
- Trial period of approximately 15 days.
Intralinks
Intralinks helps with transactions by choosing between three core modules, but users can build on these with additional modules. With this electronic data room, users can also take advantage of settings and features for due diligence, making it much easier and quicker.
File storage is very secure, and thus your clients’ information will stay confidential. This is what leads to building trust in your customers and partners. Fast file sharing and downloading save time when working, and intelligent searches can be used to find words, key information, scans, or high-quality photos. When arranging large deals, Intralinks can provide you and your team with the support you need at the moment.
A reliable supplier must always offer a quality security system. Therefore, you should always consider this aspect when making your choice. First, determine the basic features and capabilities you and your team need to operate and improve your business.
Try out a trial period of the dataroom software and see how well it suits you. If you find the interface user-friendly and easy to use, it will speed up the start of the virtual room, as you won’t need much time to get used to it. As a result, modern online data rooms can increase efficiency, reduce workflow burden, reduce company costs and help you get to the next level.