The data room in ancient times was a physical room where many different documents were located. It could serve as an archive or buffer zone for major transactions. However, the fact remains that working with the room was inconvenient for absolutely all participants in the process.
In the late sixties, the first sketches of the virtual data room appeared. An analog of an actual space was supposed to simplify the work of company employees, and make transactions fast, convenient for everyone, and safe. Modern virtual data rooms offer many more features and capabilities.
Working with a large team on multiple projects
Virtual data rooms offer extensive collaboration options. In most cases, you can add an unlimited number of users – it is enough to pay each participant the required amount per month.
You can organize one or more projects within one virtual room. This is possible thanks to the application’s flexible access and folder settings.
Storage of a large amount of data
Of course, storing data in the cloud is much safer than on physical media. Real servers can be hacked and go down. Then some of the information is lost.
Virtual Data Rooms are cloud-based, so your documents won’t get lost, won’t be hacked, and can always be accessed from anywhere in the world.
Dragging arrays of files
All virtual data rooms support the ability to download a large number of documents in one go. It is enough to take them on the desktop and drag them to the VDR screen.
Watermark
The program independently installs a watermark on all documents of your company. It will not be possible to delete it – if an attacker tries to steal documents, there will be a watermark on each page.
Permissions
This is one of the advantages of a virtual data room – the administrator independently decides how much access he gives to a particular user. So, for example, some employees will get permission to edit files. And some will not see the documentation often. This is necessary to avoid the loss of information through insider sources. Sometimes, if there is no restricted access to documents, an attacker can take data he does not need directly for his work and steal it.
Built-in viewers and editors
Many virtual data rooms boast extensive integrations, so you can not only view files in the program itself but also edit them. This creates the most comfortable and safe environment for working with documents.
Full-text search
Many virtual data rooms (especially those designed for large companies) can perform full-text searches. The search is carried out in more budget versions by a word or phrase.
Additional options
Depending on the cost of the data room, as well as its purpose, additional options may be present. These include due diligence, post-merger integration, deal tracking, project management, platform communication, audit options, API access, and live chats.
All virtual data rooms have a good support service that will guide you through the functions of the software and answer your questions. Most often, the support service works around the clock.