The significance of IT tools in business can hardly be overvalued. Various researches prove that using IT helpers does not only increase the quickness and strength of major business transactions, but is a vital condition of remaining competitive in the market. One of the most advantageous online tools for business is a VDR. Let`s check which way it can help your business.
Online data room is the recent development that has got the huge acceptance during the last decade. Having been primarily designed for dealmaking, it quickly got frequently used in the other industries with the unchanged success: clinical trials, fundraising, legal practice, real estate, biotech licensing, etc. The main benefits of the technology are its comfortable operation and privacy: parties are able to work with repository anytime, from any location, and having no concerns about their data safety.
When it is time to choose the virtual solution for processing definite business transactions, it is much important to check on the main characteristics and features it possesses in order to make sure the chosen VDR can certainly be advantageous for your users – more about data room. The most popular options to require from a good VDR are the following:
Data encryption
Various virtual services providers apply different security-related tools for best files protection, but information encryption is among the most traditional ones. It supposes encoding the data kept in the VDR to make the symbols unreadable for those users who are not authorized in the VDR. This is the primary anti-hack step which is a necessary element for all the virtual data rooms. The difference might only be in the standard of encryption used: the most recent is 256-bit, but 128-bit is impossible to hack as well.
Dynamic watermarking
While encryption is a protection from illegal viewing, digital watermarks is a protection from illegal data distribution. Digital watermarks enclosed to the files keep the information about their ownership so the rights can be carefully protected. The digital watermarks can be dynamic which means that they can keep the information about the previous accesses to the document.
Two-way authorization
The greatest way to fully protect the VDR from hackers` attacks is not to give them any chances of ever gaining access to the files. To achieve this aim, most trusted vendors apply 2-way verification that has two components: entering a permanent password and entering the generated code which was sent right to his mobile device.
Activity tracking and making visual reports
This option does not only help to see what exactly proceeds in the VDR, but also provides the information regarding the partners` level of interest in the deal. Tracking tools used in a good virtual repository mostly let owners to monitor what happens in the online repository and build conclusions about the most active participants. The gathered information is highly valuable for processing deals when the outcomes of the whole transaction depends on the well considered final negotiation.
Rights management
With a VDR, there is not any possibility for process participants to gain access the improper documents. The system itself takes control of the work and makes definite files inaccessible for certain users. The necessary step that must be done in advance is identifying the restrictions for all the participants, and the instructions will be carefully followed.
Q&A section
The mentioned section has been intentionally created to arrange online-based communication between the participants. The offered way of interaction does not only help to minimize time losses, but also improves the safety of the discussed information. To give users the extra benefit, Q&A section can be equipped with the users` notification system and document linking feature which gives a possibility to take the files stored in the VDR into the Q&A space.
Customized interface
Some online repositories offer basic interface which can`t be customized, some other allow some chance of customization. In addition to changes in settings made by certain users, each organization that owns an online data room can introduce its own interface. In order to make the data room more recognizable for current and potential clients, well-known corporations introduce their logo and organizational colors.
These seven characteristics are absolutely valuable for files protection and efficient working. While the first three are necessary to arrange the files safety, other four concern the means of using the data to make the transaction fully controlled and advantageous.
Virtual data room is a software that has a potential to introduce a significant change in information storing and distribution, managind transactions, and building business relationships. If you feel the need for improving the quickness and productivity of your business processes, start looking for a good virtual data room today and gain the advantage tomorrow.