The role of digital helpers in dealmaking cannot be overvalued. Several researches confirm that using digital technologies does not only increase the quickness and strength of most business transactions, but is an important condition of staying competitive in the market. Among the most advantageous virtual tools for business sector is a virtual data room. See how it can help your business.
Virtual repository is the recent development that has gained the incredible acceptance lately. Though first created for M&A transactions, the technology quickly became frequently applied in many different industries with the unchanged success: clinical studies, fundraising, legal affairs, real estate, biotech, etc. The key advantages of the technology are its comfortable operation and privacy: users have an opportunity to work with the VDR at any time any moment, from any location, and having no concerns about a sensitive data being safe.
When choosing the platform for processing definite business transactions, it is much advised to check on the main characteristics and features it possesses to be sure the chosen VDR can surely be advantageous for the client – more about merrill virtual data room. The most in-demand functions to require from a good VDR are the following:
Different virtual services providers have different security technologies for ensuring the files protection, but information encryption is always among the standard ones. This measure involves encoding the data stored in the VDR to make the text unrecognizable for unauthorized users in the VDR. This is the primary anti-hacking step that is a required element for any data room. The distinction can only be in the standard of encryption used: the most recent is 256-bit SSL, but 128-bit is impossible to hack as well.
If data encryption is viewed as a protection from unauthorized files accessing, watermarking is a protection from illegal sharing. Digital watermarks enclosed to the files keep the information about the document`s ownership so the copyright is carefully protected. The watermarks can be dynamic and, in this case, they can keep the information about the previous accesses.
The greatest way to protect the virtual data room from hackers` activity is to give them no possibility of even gaining access to the data. For this purpose, many trustworthy VDRs use 2-way verification that supposes two components: using a permanent password in a combination with entering the generated code that was sent right to his smartphone.
Tracking and reporting tools
Activity tracking and audit log feature does not only give an opportunity to see what exactly proceeds in the repository, but gives the information about the sides` level of interest in the deal. Tracking instruments which are used in a definite virtual repository mostly allow owners to monitor what happens within the online space and draw conclusions regarding the most active participants. The gathered data is especially valuable during due diligence when the outcomes of the transaction depends on the properly prepared final negotiation.
Permissions and restrictions
When there is an online repository, there can be no possibility for transaction members to access the improper documents. The data room itself controls the operations and makes definite files inaccessible for certain system users. The important step that must be done in the beginning is setting the rights for individual users or groups, and to be sure they will be exactly followed.
The indicated module has been purposely created to arrange web-based communication between users. The chosen way of interaction does not only let to save time, but also increases the security of the discussed matters. To give an extra advantage, Q&A module may be equipped with the e-mail notification system and in-document linking which offers an opportunity to drag the files into the Q&A space.
Certain virtual data rooms have basic interface that cannot be changed, some other give partial or full chance of customization. Together with changes in settings made by the definite users, the company that owns a data room can select its chosen interface. In order to make the virtual repository recognizable for existing and potential partners, well-known organizations use their logotypes and main company colors.
The indicated characteristics are absolutely valuable for files security and efficient working. While the first three ones are necessary for arranging the files security, the other ones relate to the way of using the information to make the working process better controlled and beneficial.
Virtual repository is a technology that can perform a dramatic change in information storing and distribution, managind transactions, and communicating with business partners. If you feel the need for improving the speed and efficiency of business processes, start selecting the appropriate online data room right now and get the benefits tomorrow.