A virtual data room (VDR) is a secure cloud platform that enables secure data storage, managing and secure file sharing of sensitive business documents. Most traditional VDR platforms focus on financial transactions such as merger and acquisitions (M&A). But the modern, best virtual data room providers often offer a much broader, more user-friendly services and have more security and compliance certifications. Their virtual deal room services are designed to meet the needs for any industry, line of business or use-case. Employees often share sensitive documents, intellectual property, contracts or confidential information, so it’s imperative to have a state-of-the-art, secure data storage and file sharing platform to manage this content, like say DocullyVDR.
Most companies need a secure platform to share data and files with external third-parties. This can include customers, vendors, auditors, contractors and advisors. So strong security controls have to be ensured so that critical business information remains private and accessible only to authorized users. Owners can manage document viewing, printing and downloading permissions for individual users. They can grant and restrict access, track statistics and download reports.
Most modern secure virtual data rooms are cloud-based secure data storage platforms that focus on a best-in-class user experience and extended product features. These secured file sharing platforms offer many benefits that go beyond traditional VDRs. They have robust features for collaborative work and privacy controls for sharing data.
1. High Security and Compliance Certifications
Since state-of-the-art secured virtual deal room must address use cases across many industries, they often have many more security and compliance certifications. This can include FedRAMP, FINRA, HIPAA, GDPR and others that many traditional VDRs do not have.
2. Modern Security Controls
All secure data storage VDR have basic security controls to manage and track access to the data rooms. Admins can grant different levels of access permissions to specific file and folders, such as view-only, download or editing access. They can also apply real-time vector watermarking to documents or classification labels. They also detect and restrict abnormal behavior (employee downloading entire company’s files) or malware detection.
3. Reporting, Auditing & Analytics
The best virtual data room services also provide reports and analytics for administrators to track data room activity. This can include file views, downloads and edits by each user and time of action. Admins can use such features to monitor user behavior and ensure that data rooms use is appropriate.
4. Collaboration and Ease of Use
Modern virtual deal rooms are easy to use and provide strong collaboration tools. These advanced features include robust search, editing, commenting, annotating and sharing across platforms, third-party integrations, unlimited storage and unlimited file versions.
5. Integrated e-Signature Solution
Contracts and data rooms go hand in hand. NDAs, supplier contracts, merger agreements and legal documents all need signatures. The best VDRs offer e-Signature natively within the platform. Parties can negotiate, edit and sign contracts within the data room itself, either through desktop or mobile. Everything remains confidential and secure.
6. Advanced Search and Document Processing
A state-of-the-art virtual deal room has advanced document processing features. So it can detect text many file types such as PDF and Excel. Furthermore, it can scan and convert documents into searchable PDFs.
7. Automated Workflow & Processes
A secure virtual data room acts as a central hub for any automation of in-process workflows, process approvals, and decisions. Examples could be creating a workflow for signing an NDA, managing invoice approvals, or authorizing files for upload into a data room.
A modern secure virtual data room is an essential tool for any company or organization to succeed. Businesses can easily collaborate and protect their content in a cost effective manner with a modern VDR. And investors always have high regard for companies who approach them from good, reputed and secure virtual data room because they feel confident that the company is diligent enough to care about the safety and security of it’s business sensitive data.
The DocullyVDR team is a provider of a new generation secure data sharing platform designed for businesses. The team has extensive experience in working with document sharing platforms and has been assisting the Virtual Data Room community since 2019 by providing users with free information.