Virtual Data Rooms are an innovation that can significantly increase a company`s productivity, use time smarter, increase income, and be more mobile. Let’s see how this happens.
Virtual data room – a safe document hosting and digital exchange
All kinds of file storage are usually used to store documents: a personal computer or various systems like Google Drive. As long as the documents are closed from prying eyes, they are sufficiently well protected. But how to protect them if you need to give them access to a limited number of unfamiliar people? For example, confidential documents for various transactions, some financial reports, or documents related to tax or audit checks.
Many similar examples can be cited when it is important, on the one hand, to give access to documents, and on the other, to be sure that they will not leak or the person who leaked such a leak will be found.
Most companies have vast amounts of data that are difficult to manage. Management challenges arise from disconnected data sources, inconsistent or non-existent labeling and metadata policies, and local control over data access policies. These problems are exacerbated as companies move data across multiple cloud services.
For secure interchange, Virtual Data Room (VDR) is used. It makes it possible to differentiate rights and access to documents within the system, create a clear structure and establish a convenient exchange and work with files within and when interacting with counterparties.
How to work in the Electronic Data Room?
The main functions of the Data Room solution comprise:
- One-time registration of the document, which allows you to identify it in any subsystem uniquely;
- The possibility of parallel execution of operations, which allows to reduce the time of movement of documents and increases the efficiency of their execution;
- Continuity of document movement, which allows identifying the person responsible for its implementation at any time in the life cycle of the document;
- Effectively organized document search system that searches for documents with minimal information about them.
You can add many files and folders to the reliable data repository, organize files, set up catalogs, and track recent changes. Another advantage is that the uploaded document will be accessible in over 25 variants. The number of people you need can work with each document, each of whom can have different access levels. And also, you can discuss collaboration on a document, retrace user`s activity, etc. All this is convenient, simple, safe, and cost-effective because you save time. You can set restrictions on downloading a file, activate Safe Browsing mode, and refuse access to a document even after downloading it.
Data Room uses the most modern protocols for transferring files, recognized as the most secure. And that’s not all about security. If you give someone access to a document, you have complete control over the functions available to him.
Data Rooms can automate reconciling and granting rights to documents or applications and their functionality. It means you can make confidential analytical information available only to the director of analytics and, for example, financial documents only to the chief accountant.