Virtual data rooms entered the market only a few decades ago but have already managed to alter the traditional patterns of deal-making significantly. With the launch of VDRs, big corporations, as well as small enterprises, faced the need for going digital and for storing all the relevant corporate documents in a virtual space: the data has to be easily accessible for selected groups of stakeholders. Being accessible 24/7 worldwide VDRs provide businessmen with an opportunity to stay in touch with their cross-national partners and to avoid time-consuming business trips and face-to-face meetings. Hence, time and space restrictions are almost eliminated and the deal-making process goes faster and smoother. Such conditions are advantageous for all the participants of the deal.
The benefits offered by virtual data rooms make them popular and demanded among the progressive businessmen: no one feels like wasting time and money when such a convenient venue for deal-making is available for reasonable prices. Although there are numerous VDR providers, not all of them are capable of satisfying the needs and requirements of those involved in a deal. The list of features to look for in a virtual data room is not exhaustive as every client has specific demands and every project requires special treatment. But the basic set of beneficial functions can be detected.
The major function of any VDR is to protect the confidential information from leakage, unauthorized sharing, misuse, destruction, loss, or other possible threat. The level of document security is indicated by ISO 27001 and SSAE 16 certification – they are treated as marks of quality. All the data stored in a virtual room is encrypted and, hence, not visible for the unauthorized users. Dynamic watermarks, firewalls, virus scanning are among the other tools guaranteeing data security. Also, regular data backups are of an absolute necessity.
Digital rights management allows the VDR administrator to set up permission groups and to control who can enter the data room and which files and folders can be browsed. Due to this feature, one virtual room can be exploited for multiple projects simultaneously. Also, the administrator has the right to revoke access to the documents that have already been downloaded. In addition, two-factor authentications ensure that even authorized users need to confirm their access rights every time when logging in.
Even authorized users need to be monitored. Hence, audit reports come in handy: regularly generated they provide the VDR administrators with the information on who accessed the data room, which documents were browsed, downloaded, altered, how much time the user spent it a room, etc. Activity tracking function helps to follow the activity and to identify the most interested and active visitors. In addition, such a report can be used as evidence of the deal course in a case of any legal trials and simple misunderstandings between the deal participants.
A VDR is not only about security but also about convenience. Ideally, the user should be able to navigate the room intuitively. Thus, simple and logical file system is required. Moreover, advanced search and filtering instruments will make the work in VDR quicker and easier. Integration with Microsoft Office allows users to work with multiple file formats and to save time on converting the documents. From the perspective of the company that sets up a room, uploading functions also need to be taken into account: bulk upload and drag-and-drop functions bring additional ease to the setup process.
Accessibility and Support
A virtual data room should be accessible 24/7 from various gadgets and devices: synchronized data on all the platforms guarantees uninterrupted access from all over the world. Therefore, a VDR accessible from mobile devices has numerous advantages in a comparison to the room that can be entered only from a computer. Also, multiple languages supported by VDR will widen the possibilities of its use in cross-national transactions. The additional advantage of any VDR is a responsive support team that is ready to assist the clients and the bidders whenever the help is required.
All the mentioned functions will make the work with VDR more beneficial and simple. Among all the vendors on the market, iDeals is the one capable of providing its clients with the features listed above and with numerous others. Having more than eight years of experience, specialists from iDeals know how to meet the requirements of their customers and how to keep all the promises gives. With the help of iDeals, deal-makers can execute their projects and reach their goals without any additional expenditures and inconveniences. Thus, they purchase the high-quality service for a reasonable price.