Deal rooms became pretty widely used during the past a couple of years. Companies get lots of advantages adopting them. So there is no wonder the digital data room data room software market became pretty vast and profitable. Brand new providers pop up constantly, and every one of them does its best to amaze clients with new instruments on this endless war for the loyalty of the audience.
But do VDRs actually differ that much from ordinary cloud storages? And why would a brand give money for it? Since there are numerous people who will ask these questions, let’s find out the technology behind the VDR.
What is a online meeting room?
Let’s start with the basics and discuss the app itself. It is a virtual storage where companies can store their sensitive data. But although it is the main feature of such technology, the list of its tools doesn’t end on simply being a repository. Virtual deal room offers its users a complete interface for all firm interactions. Here employees can share the data, discuss issues, get ready for meetings and much more. Basically, implementing this technology a firm will have a vast range of important tools that will help to improve the performance of the team and whole firm.
So, whilst ordinary virtual storages can only give a virtual space so a brand director can save files there, digital data rooms are an extensive enterprise tool. These tools can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other kinds of audits.
Protection is vital
Of course, not each business works with the classified data all the time. But even though this data can be not that sensitive, any CEO would want to get their documents stolen or illegally used. Online repositories like popular Dropbox or Google Drive are not quite secure – differing cases of information leaks have shown it to us quite clearly.
Thus, the main difference of online meeting rooms is the data encryption and different ways of protection. Of course, ordinary online repositories encrypt their transmission lines as well – but not exactly the transferred data itself. And if anyone has a direct link to the file, it can be easily stolen by malefactors.
Virtual meeting room providers encrypt not only transfer lines but the information as well. There is no way they will be exposed to any kind of danger caused by malicious acts of thieves. Also, all virtual deal rooms have a two-factor authentication. It means that to enter the system the the party will need to enter the code that was sent to their smartphone in an SMS upon signing in.
Additionally, the administrator of the deal room can control the level of access other team members have. Settings can be changed at any second. And if any extreme situation happens, the room owner can eliminate the document remotely or take away the access to it.
Unlike generic online repositories, virtual meeting rooms are created to lift the working process of the firm and within partners. So besides that team members can exchange files with each other, they can also be involved in talks, go through diverse votings, manage Q&As and much more. It is incredibly comfortable to have all tools in one interface.
Additionally, directors are able to keep an eye on the performance of their businesses in the data room . Some providers even offer an artificial intellect implemented in their software. It allows to forecast events and trends and get deeper insights. Besides that, CEOs can track thparties and notice if there are any flaws in the work of the company.
In conclusion, there clearly are different reasons to get a virtual data room in your firm and stop using ordinary online storages . When you try a virtual meeting room, you will never want to stop using it.