A virtual dataroom is an online platform for document management that streamlines workflows while keeping confidential information safe. It eliminates the need to mail physical files and makes it easier for teams to access records anytime, from any location. Its cloud-based design means there are no significant hardware needs for users, besides the internet connection and a modern web browser. While it can be used by any company, a virtual information space is especially popular in life science and technology companies that require protection of confidential data and negotiate deals.
Streamlining workflows
Most people have to search through folders when managing their documents. Virtual data rooms automate this process, reducing time and effort. With a simple search, a user can find the information they’re searching for in seconds. Furthermore, most VDRs also offer advanced features like redaction and fence view that help to ensure personally-identifiable data stays private. Fence view, for example blocks certain areas of a file so that only the administrator is able to view it. The rest of the file is still visible.
Securing sensitive information
Many businesses share confidential documents on a regular basis. Whether it’s due diligence documents for mergers and acquisitions or just working with a client, this type of documentation should be protected. VDRs are the most efficient method of sharing these documents with third parties, without any compromise in security. They are also a cost-effective alternative to sending experts and others via plane to a different city to review physical documents in person.
A virtual information space isn’t only a place to store and share confidential data, but can also make collaboration between projects much more efficient. Businesses can avoid costly errors by utilizing a platform that allows teams to work in tandem on the same project. This kind of platform allows companies to comply with industry and regulatory standards.
The most reputable vendors have at least ISO 27001, SOC 1/2/3, GDPR, and HIPAA certifications. They also provide a wide range of security features that can be adapted to the specific requirements of any business. These include two-factor authentication data encryption, restriction by IP address, customizable NDAs, and more.
Selecting the right virtual data room is essential for businesses that need to accelerate their workflows and improve collaboration. It is crucial to review all the options available and choose one that offers flexible pricing. It is also recommended to look for a trial version of the software so you can try it before committing to an annual subscription. It is also essential to choose a service that offers assistance to customers around the clock and can answer any questions promptly. This will help you feel confident about your choice and make a decision that’s best for your business.
