Data rooms became incredibly widely used within the past a couple of years. Businesses get manifold benefits adopting them. So there is no wonder the virtual meeting room merrill datasite market became extremely vast and profitable. Brand new providers are developed constantly, and every one of them does its best to astound clients with original instruments on this never-ending battle for the loyalty of the audience.
But do VDRs really differ that much from online repositories? And why would a brand give money for it? Since there are plenty of people who might ask these questions, let’s figure out the technology behind the virtual deal room.
What is a online meeting room?
Let us start with the basics and take a look at the software itself. It is a virtual storage where companies can store their sensitive files. But even considering that it is the main ability of such technology, the list of its tools doesn’t end on simply being a repository. Online repository offers its users a complete interface for all corporation interactions. Here employees can exchange the information, talk about issues, get prepared for meetings and much more. Basically, adopting this technology a firm will have a vast range of important instruments that will allow to improve the work of the team and whole corporation.
So, while generic online storages can only offer a virtual space so a brand owner can store the data there, online meeting rooms are a complete company instrument. They can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other processes within the company.
Safety is important
Of course, not all firm works with the sensitive information every day. But although this data can be not very sensitive, any leader of the company would want to have their information stolen or illegally used. Virtual repositories like widely used Dropbox or Google Drive are not quite protected – various cases of data leaks have shown it to us very clearly.
Thus, the most valuable difference of online deal rooms is the data encryption and diverse ways of protection. Sure, ordinary virtual storages encrypt their transmission lines as well – but not really the transferred information itself. And if someone has a direct link to the file, it can be easily stolen by malefactors.
Deal room providers encrypt not only transfer lines but the data as well. There is no way they will go through any kind of danger caused by malicious acts of hackers. Moreover, all virtual meeting 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 when signing in.
Besides that, the owner of the virtual data room can take the control of the amount of access other employees have. Settings can be changed at any moment. And if any extreme situation occurs, the room administrator can destroy the file remotely or take away the access to it.
Unlike simple online storages, VDRs are made to improve the teamwork of the company and within employees. So besides that parties can share files with each other, they can as well get involved in conversations, go through various votings, create Q&As and much more. It is rather comfortable to have all tools in one interface.
Additionally, leaders of firms can keep an eye on the workflow of their companies in the virtual deal room . Some providers even offer an artificial intellect implemented in their programs. It helps to predict situations and trends and get deeper insights. Moreover, leaders of companies can follow thteam members and see if there are any issues in the work of the brand.
In conclusion, there obviously are numerous reasons to adopt a deal room in your company and stop using ordinary virtual storages . Once you try a virtual deal room, you will not want to stop using it.