Online meeting rooms became quite popular during the past few years. Brands get vast advantages adopting them. So there is no wonder the virtual deal room market became rather vast and profitable. New providers appear all the time, and every one of them does its best to astound clients with original tools on this endless battle for the interest of the audience.
But do deal rooms really differ that much from ordinary cloud storages? And why would a brand pay for it? Since there are plenty of individuals who want to ask these questions, let's find out the technology behind the virtual deal room.
What is a data room?
Let's begin with the basics and take a look at the app itself. It is a virtual repository where firms can store their sensitive files. But even though it is the most important ability of such technology, the list of its instruments doesn't end on simply being a repository. Deal room offers its users a complete interface for all brand interactions. Here partners can exchange the data, talk about details, get prepared for meetings and some other. Basically, using this technology a business will have a vast range of useful tools that will allow to enhance the work of the team and whole enterprise.
So, whilst ordinary online storages can only give a virtual space so a business owner can save the information there, VDRs are an extensive company instrument. These tools can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business interactions.
Protection is vital
For sure, not all business interacts with the sensitive data all the time. But even though this data can be not quite sensitive, any CEO would want to get their files stolen or illegally used. Online repositories like popular Dropbox or Google Drive are not actually safe - various cases of data leaks have shown it to us very clearly.
Thus, the most important difference of VDRs is the data encryption and numerous ways of protection. Sure, generic online storages encrypt their transmission lines too - but not really the transferred information itself. And if someone has a direct link to the document, it can be easily stolen by malefactors.
Virtual deal room providers protect 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 electronic data rooms have a two-factor authentication. It means that to enter the system the user will need to enter the code that was sent to their smartphone in an SMS upon signing in.
Besides that, the administrator of the virtual meeting room can control the amount of access other employees have. Settings can be changed at any moment. And if any extraordinary situation appears, the room administrator can eliminate the file remotely or take away the access to it.
Unlike ordinary virtual repositories, online meeting rooms are created to lift the work of the company and among parties. So on top of that that users can share documents with each other, they can also get involved in discussions, take part in diverse votings, create Q&As and much more. It is extremely comfortable to have all tools in one interface.
Additionally, directors are able to track the performance of their companies in the digital data room virtual data room . Some providers even have an artificial intellect implemented in their apps. It helps to predict situations and trends and get deeper insights. Besides that, CEOs can track thpartners and realize if there are some flaws in the workflow of the team.
In conclusion, there unequivocally are vast reasons to get a virtual meeting room in your firm and stop using simple online repositories . When you try a data room, you will not want to get rid of it.