Businesses worldwide and from different industries still have one thing in common: the need to store and share sensitive data over the Internet securely. However, virtual data rooms are unique, versatile spaces that can meet this and many more business requirements. As a result, the VDR market is now more popular than ever, with providers offering solutions for various industries. This article will look at what business areas are using VDRs right now and what features they provide to improve your productivity.
In what areas is VDR used?
In the past, virtual data rooms were only focused on mergers and acquisitions transactions, but over time, they have found great demand and development in various industries. Below we look at what applications VDRs can find today:
- Startups – Startups are very fragile organizations that are just starting to build and expand. They need to provide first-class security for their intellectual property to continue to grow and gain favor with investors. VDRs allow them to securely store all confidential documents in their vault, as well as invite investors into the space for due diligence and fully monitor their operations
- Legal industry – huge volumes of confidential paperwork are a major headache for every law firm employee. VDRs provide reliable and convenient storage to house any volume of documents, as well as document management tools to simplify your routine
- Direct and Venture Capital – VDR will be an excellent solution for multiple transactions at once, as it can provide various rooms for different projects. At the same time, program administrators will be able to control all processes equally efficiently
- Investment sector -Investment bankers appreciate VDR for the security services that allow them to remotely conduct the most complex transactions such as IPOs, fundraisers, due diligence, mergers, acquisitions, etc.
- Industry & Technology -Data Room allows the sharing of sensitive data within the same corporation but between different branches, allowing for more efficient operations, as well as easier data tracking
- Science and Healthcare – Life sciences companies store all critical patient and research data in the VDR space
Key features of a quality data room
So, as you can see above, the virtual data room is used in various areas, but why is it in such demand, and how exactly can it perform these operations? Below, we’ll highlight the main functionality that VDRs have:
- Security – Security is the main element of the success of these online solutions; thanks to the top-notch security, VDRs can conduct such complex operations in their space and act as a secure repository for the most sensitive data. They use security certificates, data encryption, dual authentication, watermarks, etc. A precious feature is the detailed permission control that allows you to prohibit copying, printing, forwarding, and downloading a document
- Easy to use – VDRs allow authorized users to access the system from any location and device. They require no additional installations and provide a simplified interface and a quality help desk in case of questions, which also includes training
- Reporting features -they allow you to stay up-to-date 24/7 and help you not get confused if you’re running multiple transactions simultaneously. With audit logs and automated notifications, you’ll be able to know about every move other users make in detail
- Data Management – Automated structuring and document management features save a lot of time and effort and lead to faster deals. Automatically upload, convert, and index documents and control file versions to offer only relevant information to your partners and colleagues