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Electronic data rooms became incredibly trendy during the past few years. Companies get different benefits adopting them. So there is no wonder the online meeting room market became incredibly broad and profitable. Brand new providers are invented often, and every one of them is trying to amaze users with original features on this constant war for the interest of the audience.
But do online meeting rooms really differ that much from generic virtual storages? And why would a firm pay for it? Since there are a lot of individuals who might ask these questions, let’s figure out the technology behind the virtual meeting room.
What is a deal room?
Let us start with the basics and talk about the application itself. It is a virtual repository where companies can store their sensitive documents. But although it is the most important feature of such technology, the list of its tools doesn’t end on simply being an archive. Virtual repository offers its users a complete interface for all company interactions. Here partners can share the information, discuss issues, get ready for meetings and many other. Basically, adopting this technology a company will have a vast range of handy instruments that will help to upgrade the work of the team and whole brand.
So, whilst generic online repositories can only give a virtual space so a firm owner can keep documents there, VDRs are a complete business instrument. These instruments can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Protection is important
For sure, not all enterprise interacts with the sensitive information on the every day basis. But although this data can be not very important, any leader of the firm would want to have their files stolen or illegally used. Online storages like widely used Dropbox or Google Drive are not perfectly secure – large numbers of cases of data leaks have shown it to us very clearly.
Thus, the most important difference of virtual deal rooms is the data encryption and numerous ways of protection. Sure, generic virtual storages encrypt their transmission lines too – but not exactly the transferred information itself. And if someone has a direct link to the file, it can be easily stolen by hackers.
VDR providers protect not only transfer lines but the data as well. There is no way they will go through any kind of threat caused by malicious acts of hackers. Moreover, all data rooms have a two-factor authentication. It means that to log in the team member will need to enter the code that was sent to their phone in an SMS while signing in.
Moreover, the administrator of the online meeting room can control the level of access other parties have. Settings can be changed at any second. And if any extraordinary situation happens, the room administrator can destroy the document remotely or take away the access to it.
Unlike ordinary virtual repositories, virtual deal rooms are created to boost the working process of the corporation and within parties. So besides that parties can exchange the data with each other, they can as well get involved in discussions, go through various votings, manage Q&As and much more. It is extremely convenient to have all instruments in one interface.
Besides that, directors have an opportunity keep an eye on the work process of their firms in the data room . Some providers even have an artificial intellect implemented in their applications. It allows to predict situations and tendencies and get more detailed insights. On top of that, leaders of businesses can keep an eye at themployees and notice if there are some problems in the workflow of the firm.
In conclusion, there plainly are differing reasons to implement a electronic data room in your corporation and stop using generic virtual storages . Once you try a VDR, you will not want to stop using it.
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