How does a online repository work?
Virtual meeting rooms became pretty popular over the past few years. Brands get many advantages implementing them. So there is no surprise the electronic data room market became incredibly big and profitable. Brand new providers are created all the time, and every one of them wants to astound customers with useful features on this never-ending war for the interest of the audience.
But do VDRs really differ that much from generic virtual storages? And why would a brand pay for it? Since there are numerous individuals who would ask these questions, let’s find out the technology behind the data room.
What is a deal room?
Let’s start with the basics and talk about the app itself. It is a virtual repository where businesses can store their sensitive files. But even considering that it is the most important ability of such technology, the list of its features doesn’t end on just being an archive. Online repository offers its users a complete interface for all enterprise interactions. Here employees can exchange files, discuss issues, get prepared for meetings and much more. Basically, using this technology a corporation will have a vast range of handy tools that will help to lift the workflow of the team and whole business.
So, while generic virtual storages can only give a virtual space so a company owner can store the information there, deal rooms are a complete corporation instrument. They can be used during Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Security is vital
Sure, not all corporation works with the sensitive information all the time. But even though this information can be not really sensitive, any CEO would want to get their documents stolen or illegally used. Virtual storages like popular Dropbox or Google Drive are not perfectly safe to use – various cases of information leaks have shown it to us pretty clearly.
So, the most important difference of online deal rooms is the data encryption and numerous ways of protection. Of course, ordinary virtual storages encrypt their transmission lines as well – but not really the transferred information itself. And if someone has a direct link to the file, it can be easily stolen by malefactors.
Virtual data room providers protect not only transfer lines but documents as well. There is no way they will be exposed to any kind of danger caused by malicious acts of hackers. Also, all electronic data rooms have a two-factor authentication. It means that to enter the system the the party will need to enter the code that was sent to their smartphone in an SMS while signing in.
Besides that, the owner of the digital data room can take the control of the level of access other employees have. Settings can be changed at any time. And if any extreme situation appears, the room owner can destroy the file remotely or stop the access to it.
Unlike simple online repositories, online deal rooms are meant to upgrade the working process of the brand and among team members. So besides that participants can exchange the data with each other, they can also get involved in discussions, hold different votings, manage Q&As and much more. It is incredibly comfortable to have all instruments in one interface.
Moreover, entrepreneurs have a possibility to keep an eye on the work process of their firms in the deal room . Some providers even offer an artificial intellect implemented in their apps. It helps to predict events and tendencies and get more detailed insights. Also, entrepreneurs can see thpartners and see if there are some issues in the work of the company.
In conclusion, there undeniably are differing reasons to get a VDR in your brand and stop using generic online storages . When you try a VDR, you will not want to stop using it.