Ever since we entered into an era of science and technology, digitization has become a necessity. Every business is striving to convert its physical record books into virtual libraries. While digitization is a safe way of record-keeping, it has increased the risk of data breaches. Online sharing and storing important and confidential information can be risky.
To keep corporate data safe, virtual data rooms were created. Virtual data rooms and online data banks have become the talk of the century. Firmex is one such company that offers over 15,000 virtual data rooms. These repositories are not only a safe place to organize and store data but also a secure way to share important information with trusted parties. Here we explain what virtual data rooms are and why businesses like yours might need them?
What Is A Virtual Data Room?
A virtual data room (VDR), also called a virtual deal room, is an online repository of corporate information. It allows users to store their business information, manage projects and share the desired information with trusted people. Virtual data rooms are frequently used in the processes of due diligence, merger and acquisition, and any other sort of financial or informational transaction between two or more parties.
The virtual data rooms are replacements for physical data rooms. Physical data rooms took large space and a strenuous amount of time for record-keeping. With virtual data rooms, you can easily manage your files with little effort. The use of virtual data room software has many features. Some of the key features of Firmex virtual data rooms are:
You can add as many users as you want, you can also manage access of these users to the information, individually and in groups.
You can easily upload any document you wish to keep safe. You can do so by using your mobile phone app as well.
You can easily organize your data. Any desired information can be easily accessed using the search option.
Manage Digital Rights
Add a watermark on your documents, manage the save and print options as per your liking.
Why Do You Need Virtual Data Rooms For Business?
You must think about why you need to care about the virtual data room? Well, you should. No matter what kind of business you own, the security of your business books is your priority. You will always want to keep your business information safe from corporate espionage. Virtual data rooms are used by a wide range of businesses such as biotechnology and pharmaceutical companies, banks, government departments, mining companies, oil and gas companies, and many more.
Here are a few benefits of using virtual data rooms for your company documentation.
1. Secure Channel
Virtual data rooms are probably the most secure online storage houses. Whether you want to securely upload and share intellectual property or you are dealing with diligence, merger, and acquisition a virtual data room will be a safe choice to do so. The secure encryption of VDR keeps your documents safe.
2. Easy Organization Of Data
Virtual data rooms not only let you upload and share information but also manage it. You do not require a team of people to manage your files. VDR makes it a one-man job. There is no need for prior training. Most of the virtual data room software available in the market is intuitive and ready to use. Just upload your document, organize it into categories, make pie charts, and compare it with other companies.
3. Easy Customization
You can easily customize your virtual data room at Firmex as per your business needs. Add in people that you want, hide information from one group while giving access to only the trusted ones. You can also set an expiration date for a document to make sure only relevant eyes see it.
4. Time Efficient
Physical data storage and organization require time and effort. If you want to look at something from previous deals, you need to go through many files and cabinets. Virtual data rooms are time-efficient. You just need to enter the keywords in the search bar and the required information comes right away.