Virtual meeting rooms became pretty trendy during the past several years. Companies get broad-ranging advantages adopting them. So there is no wonder the electronic data room market became rather huge and profitable. New providers pop up constantly, and every one of them wants to surprise clients with new features on this never-ending battle for the interest of the audience.
But do online deal rooms actually differ that much from ordinary cloud storages? And why would a firm pay for it? Since there are large numbers of people who might ask these questions, let’s learn the technology behind the online meeting room.
What is a data room?
Let us start with the basics and discuss the software itself. It is a virtual storage where enterprises can store their sensitive documents. But although it is the most important ability of such technology, the list of its features doesn’t end on just being a repository. Data room offers its users a complete interface for all firm interactions. Here employees can exchange the data, talk about details, get prepared for meetings and many other. Basically, adopting this technology a company will have a broad range of useful instruments that will help to boost the work of the team and whole brand.
So, whilst ordinary online storages can only give a virtual space so a enterprise owner can save the data there, data rooms are a complete company tool. They can be used during Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other kinds of audits.
Safety is vital
Of course, not each firm interacts with the sensitive data every day. But although this information can be not that sensitive, any CEO would want to get their data stolen or illegally used. Virtual repositories like popular Dropbox or Google Drive are not perfectly secure – various cases of data leaks have shown it to us quite clearly.
So, the main difference of deal rooms is the data encryption and diverse ways of protection. Of course, ordinary virtual storages encrypt their transmission lines as well – but not exactly the transferred data itself. And if someone has a direct link to the file, it can be easily stolen by hackers.
Virtual data room providers protect not only transfer lines but the data as well. There is no way they will experience any kind of threat caused by malicious acts of thieves. Besides that, all virtual data rooms have a two-factor authentication. It means that to enter the system the user will have to enter the code that was sent to their phone in an SMS upon signing in.
Additionally, the administrator of the online deal room can manage the level of access other team members have. Settings can be changed at any moment. And if any unusual situation occurs, the room owner can eliminate the document remotely or cut the access to it.
Unlike generic virtual storages, deal rooms are made to lift the working process of the company and among team members. So on top of that that participants can exchange the data with each other, they can also be involved in discussions, create diverse votings, manage Q&As and much more. It is quite useful to have all tools in one interface.
Also, directors have an ability to watch the work process of their corporations in the digital data room . Some providers even offer an artificial intellect implemented in their apps. It helps to forecast events and trends and get more detailed insights. Moreover, CEOs can track thpartners and realize if there are some problems in the work of the brand.
In conclusion, there decidedly are varied reasons to get a electronic data room in your business and stop using simple virtual storages . When you try a digital data room, you will not want to get rid of it.