Virtual data room services have emerged a few decades ago. Before VDRs entered the deal-making market businessmen had to utilize physical repositories in case they wanted to share certain documents with their partners, employees, investors, or any other stakeholders. Under the circumstances when no other options were available, a physical deal room seemed to be a great solution. However, today, PDRs are utilized mainly for those deals that require the exchange of tangible objects or product samples – the rest of the functions can be successfully fulfilled be virtual platforms.
Indeed, numerous data room providers offer businessmen much more convenient option: instead of keeping corporate files in physical repositories they get a chance to store their documents in the virtual environment, namely – in the cloud. When a deal-maker decides to open a digital room he should keep in mind that the new venue for information storage and exchange has multiple advantageous features. To begin with, a VDR ensures secure file sharing: the room is usually equipped with multiple tools which ensure data protection – encryption of all the documents, regular check for viruses, strong firewalls, multi-level user authentication, watermarks, etc. Also, digital data room helps its owners to save a considerable amount of time and money: the room is easy to open and maintain. As the virtual deal room can be entered from any place on Earth at any moment, it is possible to cooperate with the other participants of the deal and to interact with them without interruptions.
VDRs differ from their land-based analogs significantly and have already proved they are more useful and convenient for deal-making.
What to Expect from a Decent Deal Room?
Secure document sharing, reduced expenses and the chance to accomplish the deal sooner are among the most obvious benefits inherent to any virtual data room. But VDRs have one more undeniable advantage that cannot be ignored – they are extremely convenient. Any virtual deal executed with the help of virtual platforms immediately becomes less cumbersome and irritating. Indeed, usually, the room is enhanced with multiple instruments and options that should make the life of all those involved in the project as painless as possible. Deal-making is not only about profit – it is also about humans, their communication, and relations: both sides of the deal are interested in meaningful and productive interaction. The latter becomes possible only in a case when no technical aspects bother deal participants and when they can focus on crucial points of the project.
Hence, VDRs are expected to ensure that the needs of the clients are met and fulfilled. Being customer-centric, virtual platforms offers the following benefits:
- Worldwide and 24/7 accessibility so that users can keep on working whenever and wherever they want;
- Interface available in multiple languages;
- Logical file system that can be navigated intuitively;
- Training upon request in a case certain user has problems with getting used to operating within a virtual platform;
- Advanced tools that help the users to impose the relevant filters and to find the documents they need without any efforts;
- Advanced uploading instruments that give the room administrators an opportunity to update the VDR in a few clicks and share the latest information considering the project with the rest of the room visitors;
- Integration with software (e.g., Microsoft Office) that allows users to work with diverse formats of information and edit files directly via the platform;
- In-document linking or, in other words, the right to link documents to each other;
- 24/7 qualified customer support;
- Access via mobile applications so that users can keep on working even on-the-go;
- Instant notifications that inform users about new files, messages or comments and help them to react immediately to the news;
- Customization of the room which can be made consistent with corporate identity – specific colors and logos can be embedded, emails, documents, and reports can be branded, etc.;
- Possibility to utilize one room for many projects – the owner does not have to close the room when the initial project is over.