For a deal-maker today it is crucial to keep up with the latest trends in technologies as innovations are capable of enhancing their performance and of bringing them profit. Virtual rooms cannot be treated as brand new solutions as they have been available on the market for years. Even though the convenience of the cloud-based repositories is hard to be denied not all the businessmen dare to open and use such room as VDR.
At first sight, it might be surprising. What could prevent deal-makers from exploiting services that are beneficial for their businesses? But the answer is pretty simple. If you are a newbie and if your company is not a big international corporation you might be just unwilling to bother. Indeed, why should you waste time and money on setting up a VDR if there are plenty of free data sharing services? But such an attitude is wrong. Even if you are not a huge player in the market you should not neglect the convenience offered by virtual data room providers and the security risks which you might face when using freemium platforms.
If you have no previous experience in using a data room you should not worry. It would be enough for you to pass the basic training, to read the instructions and FAQ. And if you have any questions you may always contact the customer support as decent vendors make sure you get an assistance 24/7.
The Simple Algorithm of Work (VDR)
To reduce the anxiety and to get used to exploiting the room soon you should find out how it works. There is nothing complicated in the way a VDR functions:
- You select the files which you want to store in your room and use a bulk upload to save your time. Later, if you need to add other documents you may use drag-and-drop tools;
- When you upload the files the encryption algorithm is being applied to them. It is required to ensure the safety of your data. In addition, the room is protected with an extended set of security instruments such as watermarks, firewalls, multi-channel verification, etc.;
- Uploaded and encrypted files are being organized into a logical file system. You may ascribe keywords and tags to each file and systematize documents into folders due to projects or spheres of a company’s performance. The room takes into account the key characteristics of each file and allows you to use them to navigate the system;
- When your room looks like you want it to look you may send invitations and open an access to the room for your employees, investors, partners, etc. But when a person enters the repository it does not mean that all the files are being immediately displayed: you may manage the access rights and disclose only those files which you want;
- Regardless the number of visitors you cannot track their actions on your own. But a VDR can do it for you: whatever happens inside the room it is registered. Thus, you have a holistic insight into the activity of all the users;
- In the process of work, the users face the need to communicate, to discuss certain file and to clarify some questions. Q&A section is a part of a virtual repository where the visitors may exchange their thoughts – the branches of dialogues are being linked to a document discussed. And whenever new messages appear the users receive immediate notifications.
Hence, VDRs do not require any special skills from their visitors – you just need to follow clear instructions and the rest would be done by the service itself. But you must know how the room operates: it is inadequate to expect your assistant to help you if you do not understand what he does.