Virtual Data Room is an online store house where companies store their confidential documents. These are basically large repositories of information, located on the web, with accessibility requiring previous authorization. VDR have fast replaced traditional data storage because it promises efficiency, security and cost-effectiveness. Other advantages promised by VDR are:
- Remote Access: More and more Americans are opting to work from home or spend a few hours a week at home with office work. In this case employees can easily access the documents and data from home. Employees can access these files at any time if they have access .
- Effective management: The manager can be saved from the burden of document overload as all the files are centrally located. With a virtual data room, multiple employees can access files from one convenient location, without bothering manager.
- No paper work: The use of pen and paper seems to be disappearing as everything has gone digital. As there is no need to maintain files, the clutter seems to go off from the office cabinets.
- Easy accessibility: It is very simple to access the relevant documents. A person is saved from the trouble of scanning tens of pages to find the desired document. It is possible to find the document by using search features.
- Safety: High safety of documents is promised as there is no risk of fire or flooding, since the documents are not physically located in the office. The likelihood of documents getting stolen from a physical storage area is much higher than a virtual data room. Only employees with valid authorization can access the shots. Each time someone views a file in a VDR setting, this information is automatically documented on the VDR’s log.
- Facilitates Mergers and Acquisitions: During mergers and acquisitions process, a VDR is used as platform where companies access non-financial and financial data about another company. The interested parties after having the authority can view the information from around the world. Since neither party is physically required to be there, this can save the company’s travel costs as well as time.
VDR is a tool that is beneficial for both employees and organizations. To enjoy all these benefits you must choose VDR provider with great care. Things to remember before choosing the VDR service provider are:
- Data security: Make sure that VDR provider and Data center partner complies with latest security standards. The data center of the VDR provider that you intend to choose must have SOC 2 Type II certificate.
- Readiness: The VDR should be quick and safe. Take into account the estimated time that it will take to go live. Don’t forget to take into account time and effort that the IT department needs to put to implement it and make it operational.
- Cost: Don’t pay too much for VDR services. Before you sign the contract make sure there is no data storage limit, additional fee for extra users and documents.
- Services: A good service provider will offer services like round the clock support to the employees to ensure smooth operations. The VDR provider must offer customer care services online, telephone, videos, tutorials and in person.
These tips will surely help you pick the best virtual data room service provider.