A virtual dataroom is an online platform for managing documents that streamlines workflows and helps keep sensitive information safe. It eliminates the need for mailing physical files and makes it easier for teams to access records at any time from anywhere. Its cloud-based design means there are no major hardware needs for users, besides computers with an internet connection and a modern web browser. Virtual information spaces are popular with life science and technology companies who need data room solutions to secure confidential information and close deals.
Streamlining workflows
A majority of people need to look through folders when managing their documents. Virtual data rooms automate the process, reducing time and effort. With an easy search, a user can find the file 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 is a feature that hides specific sections of a file so that only the administrator is able to view it. The rest of the file is still visible.
Secure sensitive information
Many companies share confidential papers regularly. This type of document is crucial for a variety of reasons for example, due diligence in mergers and acquisitions. It can also be used to work with clients. VDRs offer the most efficient method of sharing these documents with third parties, without compromising security. They are also cheaper than flying experts and stakeholders to another city on a plane to examine physical documents.
A virtual information space isn’t only a storage space for and share confidential information but can also help make collaboration much more efficient. With a centralised platform that lets teams work on the same projects simultaneously businesses can avoid costly errors and delays. This type of collaborative platform also allows companies to stay compliant with regulatory and industry standards.
The most reliable vendors have at least ISO 27001, SOC 1/2/3 GDPR, ISO 27001, as well as HIPAA certifications. They also provide a wide range of security features that can be adapted to meet the requirements of any company. They include two-factor verification security, encryption of data and IP address restrictions.
Choosing the right virtual data room is essential for companies looking to accelerate their workflows and increase collaboration. It is important to compare all the options and select one that offers flexible pricing. It’s also a good idea to look for a free trial to test the software before making the decision to sign up for a subscription. It’s important to choose an organization that provides 24/7 customer support and can respond to all inquiries quickly. This will allow you to feel confident in your choice and make an informed decision that will benefit your business.