The role of IT helpers in the business world must not be undervalued. Several research works confirm that using digital technologies does not only improve the speed and effectiveness of major business transactions, but is a necessary condition of staying competitive in the market. One of the most attractive online tools for organizational activity is a virtual repository. Let`s check which way it can help your business.
Virtual repository is the novelty that has gained the huge acceptance within the last ten years. Being initially introduced for dealmaking, the technology quickly got actively applied in the other spheres with the unchanged success: clinical studies, fundraising, legal practice, real estate, biotech licensing, etc. The major advantages of the software are its convenient operation and confidentiality: parties have a possibility to work with the data room anytime, from any location, and without concerns about the files safety.
When it is time to choose the virtual solution for processing deals, it is much recommended to get well acquainted with all the main characteristics and functions it possesses in order to make sure this data room can truly be useful for the client – more about online data room providers. The most popular functions to expect from a sophisticated platform are the following:
Different virtual services providers have various safety-related tools for ensuring the files protection, but data encryption is always among the standard ones. It supposes encoding the data placed in the VDR in order to make the symbols unreadable for unauthorized users in the repository. It is the main anti-hack action that is a required element for all the VDRs. The variation might only be in the encryption protocol used: the latest is 256-bit, but 128-bit is also very safe.
If data encryption is viewed as a protection from unauthorized files accessing, digital watermarks is a protection from unauthorized distribution. Electronic watermarks enclosed to the documents have the information about the document`s owning organization thus the copyright is absolutely protected. These digital watermarks can be dynamic and, in this case, they can collect the information about the previous accesses.
Complex authorization process
The most reliable way to save the VDR from hackers` activity is not to give them any possibility of ever gaining access to the data. To achieve this, most reliable VDRs use two-step verification that happens in two stages: entering a common password in a combination with typing down the code that was sent straightly to his smartphone.
Tracking and audit report
Activity tracking and audit log feature does not only help to check what actually happens in the data room, but also gives the information about the parties` engagement in the deal. Monitoring tools which are used in a definite virtual data room mostly allow VDR owners monitor what happens in the online storage and build conclusions about the most concerned participants. The received information is specifically in-demand for dealmaking when the success of the whole deal may depend on the well led negotiations.
Permissions and restrictions
With a VDR, there can be no possibility for participants to view the improper files. The system itself takes control of the work and makes certain documents inaccessible for the chosen users. The only step that must be made beforehand is determining the restrictions for individual users or groups, and the instructions will be exactly followed.
Questions & Answers module
This module has been intentionally included to arrange online-based interaction between users. The chosen means of interaction does not only let to save time, but also improves the safety of the discussed matters. For users` convenience, Q&A section may be combined with the users` notifying system and in-document linking which gives a chance to use the stored files in the Q&A space.
Definite data rooms offer basic interface that cannot be corrected, some other allow slight or great possibility of customization. Together with setting changes made by the users, the company that possesses a VDR can introduce its own interface. To make the virtual repository more recognizable for current and future clients, some corporations use their logotypes and company colors.
The mentioned characteristics are truly important for files protection and successful management. While the first three ones are used to ensure the documents security, other four relate to the means of using the data to make the transaction fully controlled and beneficial.
Online data room is a tool which has a potential to perform a revolutional change in information storing and distribution, processing transactions, and interacting with business partners. If you feel the need for improving the quickness and effectiveness of your business procedures, start looking for a good online solution today and be sure to get the advantage tomorrow.
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