Companies nowadays run on two pillars — finance and data. Companies need the security of data both at rest and transit. And no matter which industry it is, information safety is crucial for any firm.
Apart from that, businesses want to automate the data storage, retrieval, and transference process. How can they do it? The answer is “virtual data rooms” or VDRs.
VDR software is not just about data storage; it can offer your business a lot more than that. Here is why your business should consider investing in this software.
Top 7 Reasons Why Your Business Should Invest in a Virtual Data Room Software
1. Data Storage
Document storage is one of the biggest concerns for any business. Traditional physical storage options mean you have to store a pile of documents in paper form. Well, papers decay pretty fast, and you may have to keep a backup as well. Besides, document retrieval takes a lot of time, especially when there are hundreds and thousands of files on one shelf.
However, with the help of an electronic data room, you can get rid of all that — no papers needed. Besides, it will just take a few seconds to retrieve any document or even a part of it.
2. Data Security
A virtual data room not only stores your business data but keeps it secure as well. Data storing is one thing but keeping it safe is another. If you use ordinary, free cloud software to store your business data, there are chances that hackers might get in easily.
Virtual data rooms, on the other hand, are a much safer option. VDR software provides maximum safety because of its encryption and secure login features. Data sent from one place to another place through data room software is fully encrypted. Apart from that, a two-way authentication process makes sure that no intruder can hack into the system.
3. Operational Efficiency
Imagine that you need an assistant whose job is to handle and organize permissions and documents. To work properly, your assistant has to get the relevant items/documents to different departments of your company or external parties/other businesses. Moreover, the person needs to be a skilled IT expert or external IT service provider to meet your technological needs. Finding such a person may be quite a challenge — but luckily, data room services may have a solution, because:
- All accesses are secure and granted only to the people with proper permissions. You don’t have to worry about occasional third-party access.
- All processes are automated and easy to handle. Your employees will have more time to concentrate on other important things.
- All data is stored in the cloud. There’s no need to worry about off-site or onsite servers.
- All documents are digital. You can get rid of all that paperwork and save funds for your business.
4. Access Restrictions
Sometimes, businesses don’t want to give data access to their own employees. For instance, if you don’t want your junior work staff to have access to managerial-level data, you can set access restrictions on them. Data room software even allows you to put restrictions on downloading or printing any specific document.
If you are still using the physical data storage, it won’t be easy to keep a record of who and when accessed a document or used it. But, an electronic data room maintains a record of every single activity in the data room. For instance, who and when accessed the data room? Which file did they open or use? How much time did the user spend? You can easily get all this information from audit logs.
6. Remote Access
Another great thing about virtual data rooms is that you don’t have to drive all the way back to your office “just to get one document.” This is even more frustrating when you need something urgent, and your data storage facility is miles away. Data room providers give you the luxury of accessing your data from anywhere at any time.
7. Safe Data Exposure to Investors
Potential investors will love more and more information about your business. Of course, you would feel reluctant to give complete access to them. However, if someone has invested in your company, they have every right to know what is happening to their investment. A virtual data room helps to give them permission-based data access according to their specific interests in your company.