The virtual data room is an essential part of your business. Careful setting of access rights of company employees to confidential information is among the best features of the data room provider that will be described below.
How to Attract Investors Using the Virtual Data Room?
To attract investors, it is necessary to present the project in a favorable light. As a rule, the investor is interested in financial statements, tax cleanliness of the company, etc. Well, if you have the opportunity to come to the meeting in person, but if this is not possible? How to share confidential information with a possible partner? How to protect your intellectual property from intruders? The virtual data room application will help you with this.
Since documents never physically leave the room, they cannot be physically lost. Moreover, even after several years, it will be possible to easily restore data from the VDR, as well as check who worked with which documents and when.
Very often, the functionality of VDR is compared to the capabilities of ordinary public cloud storage (for example, DropboxBusiness), which are cheaper and easier to use. However, these two technologies cannot be called substitutes in the IT world because:
- It is important to be able to manage access to documents at all stages of the audit.
- One of the main concerns during this procedure has always been the risk of data leakage.
- With the various settings of the virtual data room, you can grant access to certain documents and folders or revoke it at any time.
What Are the Main Features of the Virtual Data Room?
As we all know, physical records are much more vulnerable to security breaches than digital records. If the files are stored indoors, some people can still see data that is not intended for them. It’s also very easy to lose files and then spend hours searching for them. This does not apply to virtual storage. In addition to the search function and optical character recognition, you can provide additional protection for files stored in the digital space.
Among the main features of the virtual data room are:
- It allows you to quickly download large amounts of information and further provide limited access to it to trusted persons.
- It is a space where confidential documents are stored that the user can open to trusted third parties in the process for viewing, exporting, or printing with permissions. Moreover, if the founder promises to achieve any results or launch new products, it is very important to keep these promises and confirm their words with deeds.
- Their experience and exceptional results have been tried and tested by investment bankers, lawyers, and top corporate executives around the world.
How to Work with the Virtual Data Room?
Virtual data rooms ensure the storage of these contracts and provide easily accessible documents necessary to continue the business partnership. As an example, changes made by an engineer to structural designs are immediately available to all contractors involved in the project.
Working with the virtual data room provider looks like this:
- The necessary documents are loaded into the system.
- The authorized person is given a login and password to access the system.
- The user sees only those documents that are intended for him, and access to all other folders is closed.
- The user account is either disabled at the discretion of the administrator or retained (if the user is allowed to re-access documents).