6 Ways a Virtual Data Room Can Transform Your Business
#1 It gives you the highest grade of security
Cyber crime is the greatest threat to every company in the world. Juniper Research recently reported that the costs of it are estimated to reach $2.1 (£1.55) trillion by 2019. In a time when information is becoming more valuable than oil or gold, businesses are facing more than crime. It’s a cyber epidemic.
Virtual data rooms have the highest grade of security that can be compared to that of banks. Database encryption, secure hosting, data backup, permanent antivirus protection, unremovable watermarks, audit and reporting tools are a few of the advanced security measures that take security to the next level. And thanks to the EU’s Data Protection Directive, choosing a VDR provider within the European Union will ensure that your data is protected from access by government agencies.
#2 It is more advanced than the conventional cloud storage
Virtual data rooms are mostly known as a solution for mergers and acquisitions but many companies choose them to store sensitive documentation.
The conventional cloud storage is great for sharing non-confidential information with clients and employees or for personal use. But when it comes to organising and storing your confidential data, cloud providers can’t offer the same level of security as virtual data rooms.
For example, storing sensitive files and creating a public link that is sent to employees might result in information leaks as everyone who has the link will have access. It will be impossible to track who has opened the link and who has shared it.
As we already mentioned in our introduction article on cybersecurity, most threats come from insiders.
#3 It is the best solution for large mergers and acquisitions
Virtual data rooms are a lot easier to set up, requiring less financial resources. Unlike physical data rooms, the VDR technology allows all parties to have constant access to the documentation and to engage in Q&A discussions, from all over the world. This reduces the cost of acquisition and speeds up the bidding and transaction process.
Having all your company information in one place shows your partners and investors that you have nothing to hide. The access to relevant information is quicker and so is the decision-making process.
#4 It allows you to share sensitive information in a controlled manner
A virtual data room can give you more control over what to share and with who. You can give access to relevant information by managing user authorisations and tiered levels of access. But more control doesn’t necessarily mean more work. Unlike having all your documentation stored in a physical data room, using a virtual data room makes it easier for you to organise and find data.
Paper not only takes a lot of space and decays but it also burns, can be lost, destroyed in a flood. The virtual data room technology removes the risk of natural or manmade disasters. You are in full control.
#5 It brings efficiency to your business
In today’s digital world, paper is slowly but surely becoming obsolete and non-efficient. Generating a lot of paper documents not only costs money and time but it also harms the environment. Large companies need a lot of office space to store all these documents or shred them when they are no longer needed. Recycling also comes at a premium cost.
When you are managing your documentation or selling your company, you want it to happen in an instant. With a virtual data room, however, multiple files can be uploaded and shared in seconds. Old documents can be securely deleted, instead of disposing them.
The technology saves you time, human resources, and physical space. No more excuses that the information wasn’t available. Roles are clear, making it easier to keep your employees accountable. But then not all virtual data rooms are created equally fast.
The Pingdom and Google PageSpeed Insights independent speed tests show that TrueDataShare™ is up to 40% faster than other leading virtual data room providers. Request a demo to experience it for yourself.
#6 It can minimise your documentation management efforts
Imagine having a partner who takes care of setting up your virtual data room, collecting documents, physically scanning and uploading them, making sure that all users are setup with the right permissions, coordinating questions and answers.
Using a virtual data room alone makes your work process a lot more efficient but delegating all tasks around setting it up and running it will let you fully focus on what’s important for your business. TrueDataShare™’s product offers the most advanced virtual data room available plus full administrative support.
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