An ever-growing number of businesses include online data room software in their business strategies. And this is not the latest technology fashion. There are many reasons for purchasing this software. The most obvious of them is time/funds saving thanks to the ability to conduct transactions from whatever place.
However, this is far from all the options the top data room providers can offer your company. This guide will help you to understand the essence of the software. You will learn why it is crucial for any company’s security and how to choose the exact VDR for your organization.
What Is a VDR Software and What Is Not?
Virtual datarooms were initially intended as an improved version of a traditional office data room. While business reality required more and more rapidness as well as improved safety tactics from companies, a traditional data room remained slow and insecure and could not suit them anymore.
Unlike it, a virtual data room (VDR) is electronic software designed for document sharing and negotiations. It can ideally cope with the above-mentioned challenges and offer solutions to other problems an organization can confront. The software’s main objectives are:
- Improved security;
- Functionality;
- Integration into any business;
- Mobility;
- Ease of Use.
To comply with these requirements, the software should include multiple instruments and applications. Their quality should be industry-standard.
Electronic data room software is often confused with other programs and applications, and this is the main reason why many people underestimate it. However, one should discriminate between VDRs and such soft as file-sharing platforms, video conferencing apps, scheduling programs, etc.
Virtual datarooms incorporate features of these programs and apps and can offer even more. Looking for examples of real VDR providers, consider several of the top brands taking the leading positions in the industry at the moment:
- Ansarada;
- BrainLoop;
- DealRoom;
- Digify;
- Firmex;
- iDeals;
- IntraLinks;
- Merrill;
- SecureDocs;
- Watchdox, and others.
How Dataroom Features Work
Why is an online data room essential for the stable development and security of your business? What other important options can it give to it? Let’s go over the key features of the software to answer these questions.
Security Comes First
There is no better security solution than a VDR for the time being. Of course, it concerns the top data room providers that offer quality products. They use the best secure servers (the ISO 27081 standard) to store documentation. 256-bit data encryption is utilized for transferring information. All the equipment complies with internationally approved guidelines like SOC2 and HIPAA.
On the other hand, you will have various instruments to control the security of your VDR, too. Their list will include:
- Access Options. You can define the level of permission each of your guests will have in your VDR.
- Two-Factor Authentication. To enter the data room, your guests will have to enter the password as well as a special code or pass another type of security check.
- Redaction. You can mask sensitive information contained in your papers when you cannot avoid sharing them. Thus, the users will get only partial access while your competitive info will remain intact.
- View-Only Options. You can prohibit copying, downloading, or printing of your documents.
- Digital Watermarking. This option can be applied to whatever files, including audio, and video content. A watermark added to your documents will show your ownership.
- Analytics. A truly secure dataroom will allow you to monitor the users’ activities in it. You will be able to watch live stats on a single screen.
There can be more specific security instruments in your VDR. For instance, you may issue your own Confidentiality Agreement, allow SSO access, and many more.
Documentation Management
Your electronic data room will not only have secure storage but also allow managing your documentation the way it is necessary for your transactions. You can:
- Create customizable file libraries;
- Index/Reindex/Autoindex files;
- Upload/Download documents;
- Share papers securely;
- Quickly find any document;
- Sign papers;
- Create checklists, Q&A, and more.
Schedules Management
Most electronic datarooms contain handy calendars and allow meeting planning. They are also equipped with reminders and user profile menus.
Mobile & Offline Access
The top vendors offer access to your VDR via mobile gadgets. You can run a more compact variant of it on your smartphone or tablet as well as set up its full version.
There can be the option of offline access, too. This means you and the authorized users of your VDR will be able to open some of the documents after the online session is finished.
Analytics
The best virtual data room solution for you will be that with enough analytical instruments. You should be able to analyze the activities done in your VDR so that you can enhance the document security and your negotiation strategies.
How You Can Pick a Secure Data room
You won’t have a shortage of nice electronic data room vendors and it may even present a difficulty to select a suitable service for your organization. Your choice will be correct when using the following strategy:
- Measure your company size and budget.
- Define your objectives and VDR features necessary to achieve them.
- Compare reviews on several vendors.
- Pay close attention to the reputation and experience of the providers of your interest.
- Check the security capacities of each vendor.
- Contact Customer Care to get more info about available services.
- Use a Free Trial to check how everything works in the data room you are going to purchase.
Your VDR should include as many options as you need but it mustn’t be clunky at the same time. When everything is checked and works exactly the way you plan, you can proceed with the purchase.
Thus, virtual data rooms are the most secure instruments for business transactions. You can customize it according to your company’s needs. Whatever operation is on your mind, you will rule the process from the preparation stage up to the progress review.
