For most businesses, a viable solution to the problem of organizing secure work with large volumes of confidential documents is to create an electronic data room. But what is a virtual room in today’s world?
The Essence of Virtual Data Room
A virtual data room is a secure online data storage facility used to store and distribute data. Virtual data rooms are used when there is a need for strict data privacy.
It has many advantages over physical data deal rooms. First and foremost is the 24/7 availability of data from any device, anywhere. Also equally important is the security of data management and cost-efficiency.
Virtual data rooms are used in many industries, including biotech, IT and telecommunications, investment banking, accounting, government, energy, business brokers, etc.
So, virtual data rooms are becoming a prerequisite for effective information support of enterprise operations in the 21st century. But what functions for solving tasks does it offer us today?
Functional Tasks of the Data Room
They include the following operations:
- automated registration of documents and tasks;
- efficient interaction of employees in the course of work on documents;
- instant retrieval of information;
- control over the execution of work initiated by documents and tasks;
- tracking the status of current processes and analyzing the workload of your employees through the generation of various logs and reports;
- long-term storage of organizational documents; and
- delimitation of employee access rights to information.
The Necessity of a Virtual Data Room Today
A virtual data room service plays a vital role in the secure management of M&A due diligence, bidding, and contract negotiations. It can help streamline and secure the transaction management process.
The majority of VDR users believe that quality software plays an important role in the success of an M&A transaction.
If you compare virtual data rooms to shared file-sharing applications (like Google Drive), VDRs are created with the goal of using thousands of documents. And VDRs will be easier to use because of the structured folders.
Top 7 Virtual Data Room Providers 2022
Listed below are the best virtual data room programs available on the market today. And you can do your own data room comparison.
As the most results-oriented and flexible company on the market, iDeals VDR always listens to clients and offers them the safest, most convenient and fastest solution to achieve their strategic goals in any type of transaction.
- Drag-and-drop functionality for file uploads.
- The ability to mass upload with no limitations on file size, quantity or format.
- Automatic index numbering and full-text search features.
- iDeals supports more than 25 file formats and provides full control to keep data confidential.
Merrill Datasite can be used not only as an online data room solution. It can also be used in investment banking, corporate development, private equity and law firms. It provides visual analytics on document activity. It allows you to configure parameters and manage those document activities.
Document access levels can be set according to roles.
And the drag-and-drop ability to upload files makes it easy to work with documents.
Intralinks offers a 30-day free trial. The service provides a variety of solutions for mergers and acquisitions, including a virtual data room. But what are the special features? Data Room software offers some advanced features, such as analysis and file management with artificial intelligence. It is the one that provides an intuitive user interface for ease of use. There are features such as:
- Watermarks and auto-indexing
- Bulk downloading of files and folders
- Detailed reporting of activity in the data room.
Ansarada offers efficient data rooms. They are powered by artificial intelligence. This online data room software solution is secure with many security features such as watermarks, security checks, and settings for printing and saving.
In terms of the functional portfolio, Ansarada has advantages for teamwork and collaboration in the transaction.
Secure watermarks, security timeouts, PDF and Microsoft Office file locking and tracking, and single sign-on are also provided.
SecureDocs offers a virtual data room solution for any large business. It has features such as instant setup and built-in electronic signatures. It provides many security features such as two-factor authentication, customizable NDA, permission-based user roles, etc.
SecureDocs will allow you to restrict user actions as well as customize permissions for Office and PDF documents.
It is a secure enterprise-level platform for file synchronization and sharing. It provides strong protection and the user can collaborate both inside and outside their firewall.
The system is AES 256-bit certified file encryption.
It supports all existing data stores, so there will be no need to migrate data.
BrainLoop offers a SaaS solution to protect -sensitive organizational data. The same service includes a solution for board and committee communications, M&A and Due Diligence, and a secure collaboration solution.
BrainLoop is available both online and offline.
And to give you a native work experience, it’s integrated with MS Office.
The Bottom Line
The biggest advantage of VDR is the security of sensitive information. It will allow you to download documents in large volumes. It will give functionality to track document activity and customize user access rights.
Visit the website for more information about data room software and choose the right provider from this list and be assured of secure data storage for all types of businesses.