Virtual data rooms can help organize and accelerate communication with stakeholders for M&A, fundraising, litigation, and other sensitive cross-organizational processes. It is a cloud-based file-sharing solution that ensures numerous advantages for modern companies. Here is about it.
Electronic data room for secure file-sharing
File-sharing software is an integral part of today’s online world. Such a program must share the necessary files and documents between team members, similar organizations, or individuals. If you are looking for a reliable solution for exchanging business-critical data, a digital data room is a good option.
A virtual data room (VDR) is a powerful and easy-to-use system for electronic document management and corporate information management. The system solves problems of storage, classification, search, and viewing of documents and automates business processes.
Among the main features of the system are:
- a quick search of the database of documents using keywords;
- convenient collaboration and remote collaboration: collaborative editing, file sharing, web browser;
- mobile access to documents and tasks: full-featured mobile applications for all platforms;
- setting up automated workflows indicating the sequence of actions, deadlines, and responsible persons;
- version control of documents and changes;
- working with scanned documents: convert documents to pdf-format with full-text search;
- creating templates for forms and documents.
What are the benefits of the software solution?
Even after the integration, the VDR provides good service. The tool can be used for much more than M&A transactions. Any collaboration – from IPOs to audits to legal agreements and real estate contracts – can benefit from a safe space to store and share information. Even when you’re not working on a highly sensitive, high-stakes project, VDRs are helpful in your day-to-day work. These easily scalable, digital safe rooms protect confidential data and facilitate collaboration with guest users who, in other solutions, might be hampered by firewalls or IT restrictions.
In addition, integration with Outlook allows users to transfer files and send file requests to other people. Users can also securely transfer data to third parties without a VDR account quickly and without restrictions, including the ability to request files from them. The plugin for Outlook can be configured to convert all attachments to VDR links, or only attachments more significant than a specific size, according to the user’s local network scenario or network file size limits.
Data room for increased productivity
There are countless digital and physical documents in every company, and new ones are added every day. Conventional document management involves enormous effort: All documents and information must be recorded, processed, and securely archived manually. An electronic data room can help here. It manages the documents digitally and automates the entire process – from receipt of a document to legally compliant archiving. The VDR relieves the employees and increases productivity in the company. With an electronic document management system, authorized persons have access to all vital information and documents – even when on the go.
VDR solution offers the following benefits:
- Easy control of access rights. You can determine who can access which documents by assigning roles and rights – no more password protection on folders, separate drives, and locked office cabinets. Access rights are regulated differently today.
- Protection against external access. Because the entire system is password-protected and all documents are stored in the cloud, nobody can walk into the business premises and leaf through files without authorization.
- Easy retrieval – also at the same time. Have you ever had a situation where a colleague is working with precisely the document you need? Definitely, a document management system ensures that a document can be on the virtual desk of several people at the same time.