A virtual data room is an online service that provides central document management for businesses that want to streamline workflows and keep sensitive information safe. It removes the need to mail physical files and makes it easy for teams to access their records from any place at any time. Cloud architecture means that users only require a laptop or computer with internet access and an up-to-date browser. While it can be used by any company, a virtual information space is particularly popular among life science and technology companies that must protect their proprietary data and negotiate deals.
Streamlining workflows
A majority of people need to look through folders when it comes to managing their documents. Virtual data rooms help save time and effort by automating this process. With just a simple search, a user can find the information 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 blacks out specific sections of a document so that only the administrator can see what’s hidden and keep the rest of the file accessible.
Secure sensitive information
Many businesses regularly share confidential documents. For example, whether it’s due diligence in mergers and acquisitions or just working with a client this kind of documentation should be protected. VDRs provide the most efficient method of sharing these documents with third parties, without losing the confidentiality. They are also less expensive than sending experts and other stakeholders to another city on a plane to look over physical documents.
In addition to sharing and storing confidential information, a virtual information space can also make collaboration on projects a lot easier. Businesses can avoid costly mistakes using a platform which allows teams to work in tandem on the same project. This kind of collaborative platform also assists companies in staying in compliance with industry and regulatory standards.
The most trusted vendors are certified to at least 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 tailored to the requirements of any company. They include two-factor authentication, encryption of data, restrictions based on IP address, customizable NDAs, and more.
Finding the best virtual data room is crucial for companies looking to speed up their workflows and increase collaboration. It’s essential to look through the options available and select one that has flexible pricing that can be scaled when a business expands. Also, look for a trial version of the software to ensure you can try it before you commit to an annual contract. Also, it’s important to select a vendor that provides assistance to customers around the clock and can address any concerns in a timely manner. This will allow you to feel comfortable in your decision and make an informed decision that will benefit your business.