Deal rooms became pretty popular over the past a couple of years. Firms get a lot of advantages implementing them. So there is no wonder the virtual deal room market became pretty big and profitable. Brand new providers are invented constantly, and every one of them wants to surprise customers with useful features on this constant war for the loyalty of the audience.
But do online meeting rooms actually differ that much from generic virtual storages? And why would a firm pay for it? Since there are many individuals who would ask these questions, let’s understand the technology behind the electronic data room.
What is a virtual data room?
Let’s start with the basics and talk about the app itself. It is a virtual storage where businesses can store their sensitive files. But although it is the most important function of such technology, the list of its tools doesn’t end on just being a repository. Virtual meeting room offers its users a complete interface for all corporation interactions. Here team members can exchange documents, discuss details, get prepared for meetings and some other. Basically, using this technology a business will have a full range of useful features that will allow to advance the performance of the team and whole firm.
So, while simple virtual repositories can only give a virtual space so a business owner can keep the information there, virtual meeting rooms are an extensive corporation tool. These instruments can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Protection is important
Sure, not every business works with the classified information all the time. But even though this data can be not very important, any company owner would want to get their documents stolen or illegally used. Virtual repositories like popular Dropbox or Google Drive are not actually secure – diverse cases of information leaks have shown it to us rather clearly.
Thus, the most important difference of electronic data rooms is the data encryption and diverse ways of protection. Sure, ordinary online repositories encrypt their transmission lines as well – but not exactly the transferred data itself. And if someone else has a direct link to the document, it can be easily stolen by hackers.
Virtual data room providers protect not only transfer lines but the data as well. There is no way they will go through any kind of danger caused by malicious acts of hackers. Besides that, all online deal rooms have a two-factor authentication. It means that to log in the user will be asked to enter the code that was sent to their smartphone in an SMS upon signing in.
Additionally, the owner of the online meeting room can take the control of the amount of access other team members have. Settings can be changed at any moment. And if any extreme situation occurs, the room administrator can destroy the file remotely or stop the access to it.
Unlike ordinary online repositories, online meeting rooms are created to boost the teamwork of the company and among employees. So on top of that that parties can share the information with each other, they can as well get involved in discussions, hold various votings, create Q&As and much more. It is pretty comfortable to have all tools in one interface.
Moreover, leaders of businesses have an opportunity watch the performance of their brands in the virtual data room comparison . Some providers even have an artificial intellect implemented in their applications. It helps to forecast events and trends and get more detailed insights. Besides that, leaders of firms can keep an eye at thparties and notice if there are any flaws in the work of the enterprise.
In conclusion, there doubtless are diverse reasons to implement a data room in your business and stop using ordinary virtual repositories . Once you try an online meeting room, you will not want to stop using it.