Virtual deal rooms became rather popular over the past few years. Brands get manifold benefits adopting them. So there is no wonder the virtual deal room market became pretty vast and profitable. New providers are presented constantly, and every one of them tries to astound clients with interesting features on this constant battle for the loyalty of the audience.
But do electronic data rooms really differ that much from generic virtual storages? And why would a firm give money for it? Since there are many individuals who might ask these questions, let’s find out the technology behind the deal room.
What is a virtual meeting room?
Let us start with the basics and discuss the software itself. It is a virtual repository where brands can store their sensitive files. But even though it is the most important function of such technology, the list of its instruments doesn’t end on simply being a repository. Online deal room offers its users a complete interface for all business interactions. Here team members can exchange files, discuss details, get ready for meetings and much more. Basically, adopting this technology a corporation will have a full range of useful features that will allow to develop the work of the team and whole enterprise.
So, whilst simple online repositories can only offer a virtual space so a brand director can store documents there, virtual deal rooms are an extensive corporation instrument. These instruments can be used during Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business interactions.
Protection is vital
Sure, not all company interacts with the sensitive information constantly. But although this information can be not quite important, any director would want to have their files stolen or illegally used. Online storages like popular Dropbox or Google Drive are not that safe to use – differing cases of information leaks have shown it to us rather clearly.
So, the most valuable difference of data rooms is the data encryption and diverse methods of protection. Of course, ordinary cloud hosting services encrypt their transmission lines too – but not really the transferred information itself. And if someone else has a direct link to the file, it can be easily stolen by malefactors.
Virtual deal room providers encrypt not only transfer lines but files as well. There is no way they will go through any kind of danger caused by malicious acts of hackers. Besides that, all deal rooms have a two-factor authentication. It means that to log in the user will be asked to enter the code that was sent to their smartphone in an SMS upon signing in.
Also, the owner of the digital data room can manage the amount of access other employees have. Settings can be changed at any moment. And if any extraordinary situation appears, the room owner can destroy the document remotely or stop the access to it.
Unlike generic virtual repositories, deal rooms are meant to develop the working process of the enterprise and within parties. So on top of that that team members can share the data with each other, they can as well be involved in talks, take part in diverse votings, manage Q&As and much more. It is extremely comfortable to have all instruments in one interface.
Additionally, directors have an ability to keep an eye on the performance of their businesses in the virtual data room . Some providers even have an artificial intellect implemented in their programs. It helps to predict situations and tendencies and get deeper insights. Also, entrepreneurs can see themployees and realize if there are any flaws in the workflow of the brand.
In conclusion, there clearly are large numbers of reasons to get a electronic data room in your brand and stop using generic online repositories virtual dataroom . When you try a virtual meeting room, you will never want to get rid of it.