A virtual data room is an online platform that centralizes the management of documents for companies that want to improve workflows and keep confidential information secure. It eliminates the need for mailing physical files and makes it possible for teams to access their records at any time from anywhere. Cloud technology means that users need a computer with internet access and a modern browser. Although it can be utilized by any business the virtual information space is especially popular in life science and technology companies which need to safeguard proprietary information and facilitate deals.
Streamlining workflows
When managing documents, a majority of people need to rummage through folders to find what they’re looking to find. Virtual data rooms save time and effort by automatizing this process. With a simple search, a user can locate the data they’re searching for in seconds. Furthermore, most VDRs also offer advanced features like redaction and fence view that help to ensure personally-identifiable data stays private. Fence view, for example, blacks out certain sections of a file so that only an administrator is able to be able to see what’s hidden, but keeping the rest of the file visible.
Secure sensitive information
Many businesses share confidential documents regularly. Whether it’s due diligence for mergers and acquisitions or just working with clients the type of documentation needs to be secure. VDRs are the most efficient method of sharing these documents with third parties, without losing security. They are also less expensive than flying experts and stakeholders to another city by plane to review physical documents.
A virtual information space is not only a storage space for and share confidential information, but can also make collaboration between projects much easier. Businesses can avoid costly mistakes by utilizing a platform that allows multiple teams to collaborate on the same project. This type of collaborative platform helps companies comply with industry and regulatory standards.
Most reliable vendors are certified to at minimum ISO 27001 and SOC 1/2/3. They also have GDPR and HIPAA certifications. They also offer a wide range of security features that can be adapted to meet the needs of any business. These include two-factor authentication security, encryption of data and IP address restriction.
The right choice for a virtual data room is essential for companies that want to speed up workflows and enhance collaboration. It is important to look through all options and select one that offers flexible pricing. It’s recommended to seek out a free trial so that you can test the software prior to committing to a subscription plan. It’s crucial to select the service provider that provides 24/7 customer support and can answer any questions you might have quickly. This will help you be confident in your decision and make a choice that’s best for your business.