One of the convenient things technology has to offer is virtual data rooms. In a company of several important documents, virtual data rooms provide a convenient, efficient, and secure way to store important files and documents. There are numerous advantages of using a virtual data room. As a business or a company owner, learning about virtual data rooms could come in handy, especially in this time of the pandemic.
What are Virtual Data Rooms?
Virtual Data Rooms, otherwise known as VDRs, exist as storage of important documents and allows authorized personnel to access these documents simultaneously. Virtual Data Rooms are widely used for company owners who are collaborating on a certain project or other joint endeavors that requires constant sharing of data.
Virtual Data Rooms are considered safer than traditional physical documents since there is no risk for data loss or damage during transit.
Usually, general functions such as printing, forwarding, copying, the like are disabled in Virtual Data Rooms.
Benefits of Virtual Data Rooms
With the emergence of the pandemic last year, collaborative work has taken a toll. Quarantine protocols hinder transportation, and meetings cannot be done in certain areas. Furthermore, the risk of catching the virus increases when you meet or collaborate physically. In this year, virtual data rooms are an excellent way for companies to do collaborative work.
With virtual data rooms, different parties can store important documents, and each party can view the documents. Not only is this cost-efficient but also very secure. Virtual data rooms are very accessible, always available, and are a better option than physical data rooms.
One of the commonly used procedures of VDRs is merges and acquisitions. VDRs serve as repositories for the documents needed during the due diligence. These types of business processes require many documents and files. Several of these files and documents are highly confidential and should only be accessed by authorized persons.
VDRs are perfect for these transactions since it is significantly more secure than that of physical data rooms which are prone to information leaks and breaches. It is not to say that there are absolutely no risks for breaches and leaks in data rooms. It’s just that there are added security walls for anyone attempting to access the information in data rooms. In 2021, several Virtual Data Rooms software has added additional security bonuses to improve the security of data inside the VDRs.
Virtual Data Rooms in 2021
For the past 15 years, virtual data rooms have made a great impact on several companies and businesses. Every year, more and more virtual data room providers appear, and advancements in security, functionality, and other benefits start to emerge. This 2021, here are some of the best virtual data room providers.
iDeals Virtual Data Room
First on our list is the iDeals Virtual Data Room. For years, iDeals Virtual Data Room is considered one of the most sophisticated and reliable providers of virtual data rooms. Many customers prefer this virtual data room provider as its security aspect is better than other VDRs. They also have a cellphone application which is great as you can receive notifications on the go. You will also be able to update team members or other parties when the need arises.
Data site Diligence
In the world, Data site leads as the provider of SaaS for the people participating in merges and acquisitions. Data site has great customer service, which adds to their reliability. Many clients approve of Datasite’s innovative applications. Apart from this, the Data site is also very easy to use, even for beginners in using Virtual Data Rooms.
Their platform is very user-friendly, customizable to suit your preferences, and very intuitive. They have excellent customer support, so you don’t have to worry about certain questions as their representatives are very knowledgeable and helpful. They also feature optical character recognition, which makes it very easy for navigating and searching for documents. This feature gets more and more useful as more files are added into the virtual data room.
Digify is another virtual data room provider which is very easy to use and set up. You may set up your virtual data room in a few minutes. Several companies opt to use Digify as they can save a lot of time when sharing sensitive information, documents, or data to their partners, investors, or clients. At a very fair price, Digify offers excellent data security, file tracking methods, automated watermarking, and more. In the field of virtual data rooms, Digify has already garnered several international awards.
Digify has excellent customer reviews. Their customer service is very responsive and very helpful. They have a chat feature making it so easy to ask questions should you be confused about the application. One customer noted that he particularly likes the feature wherein you can forward a file yet disallow them to save it. This means that there’s a lesser risk for plagiarism and copyright breaches.
This virtual data room provider allows its users to reinvent their traditional processes, making it smoother, more efficient and saves time. eFileCabinet offers both on premise and cloud platforms. This virtual data room provider offers its users the ability to manage their document software intelligently, makes the workflow more automated, safe sharing of files, and more.
Companies and businesses do not have to worry about the loss of files and documents, saving time, and being compliant. This virtual data room provider can be accessed via the web browser or by using the desktop application. Sadly, they do not have a mobile phone application.
Most customer reviews of this provider approve of its file security. Even if your personal computer crashes, you can still rest assured that your files are safe.
Virtual data rooms have revolutionized work collaboration and merge and acquisitions processes. We can expect more advancement this year, and more providers shall emerge. In the upcoming years, it shall be no surprise that several businesses will opt for virtual data rooms than physical data rooms due to the benefits it has.