Virtual Data Rooms are an innovation that can significantly increase a company`s productivity, use time smarter, increase income, and be more mobile. Let’s see how this happens.
Virtual data room – a safe document hosting and digital exchange
To store documents, all kinds of file storage are usually used: a personal computer or various systems like Google Drive. As long as the documents are closed from prying eyes, they are sufficiently well protected. But how to protect them if you need to give them access to a limited number of unfamiliar people? For example, confidential documents for various transactions, some kind of financial reports, or documents related to tax or audit checks.
Many similar examples can be cited when it is important, on the one hand, to give access to documents, and on the other, to be sure that they will not leak, or the person who leaked such a leak will be found.
Most companies have vast amounts of data that are difficult to manage. Management challenges arise from disconnected data sources, inconsistent or non-existent labeling and metadata policies, and local control over data access policies. These problems are exacerbated as companies move data across multiple cloud services.
For secure interchange, Virtual Data Room (VDR) is used. It makes it possible to differentiate rights and access to documents within the system, create a clear structure and establish a convenient exchange and work with files both within the organization and when interacting with counterparties.
How to work in the Electronic Data Room?
The main functions of the Data Room solution comprise:
- one-time registration of the document, which allows you to uniquely identify it in any subsystem;
- the possibility of parallel execution of operations, which allows to reduce the time of movement of documents and increase the efficiency of their execution;
- continuity of document movement, which allows identifying the person responsible for its implementation at any time in the life cycle of the document;
- effectively organized document search system that provides search for documents with minimal information about them.
You can add a large number of files and folders to the reliable data repository, organize files, set up catalogs, track recent changes. Another advantage is that the uploaded document will be accessible in more than 25 variants. The number of people you need can work with each document, each of whom can have different levels of access. And also you can discuss collaboration on a document, retrace user`s activity, etc. All this is not only convenient, simple, safe but also very cost-effective because you save your time. You can set restrictions on downloading a file, activate Safe Browsing mode, refuse access to a document even after it has been downloaded.
For transferring files, Data Room uses the most modern protocols, which are recognized as the most secure. And that’s not all about security. If you give someone access to a document, then you have complete control over the functions available to him.
Data Rooms can automate the process of reconciling and granting rights to documents or applications and their functionality. It means that you can make confidential analytical information available only to the director of analytics, and, for example, financial documents only to the chief accountant.