Keeping physical copies of all the company’s data is a thing of the past. Filing cabinets take up a lot of space and are tedious to go through. A highly preferred digital solution is a Virtual Data Room (VDR). But, what are some of their main benefits, and how can they have a good impact on the environment?
A VDR is a virtual online space that acts as a repository for companies’ important documentation. Businesses use data rooms as a secure way to share their important information with potential investors or clients, which is why it has to be impenetrable. A VDR manages to achieve all that, and there’s a good reason why most serious companies switched to it.
Only approved users can have access. VDR keeps constant track of data activity (for viewing duration, time and frequency). It also logs entry and exit times of each individual user, as well as noting who accesses which data. With a VDR, everything is completely transparent.
Providers guarantee safety of their data centers without requiring add-ons. The potential of unwanted distribution and viewing is reduced to a minimum – once the documents are uploaded, they are at the same spot and never get lost. Providers also offer additional features for added security, such as complex authorization, document watermarking, limited file access, fence view etc. Compared to email and other types of document sharing, a virtual data room is the safest solution.
Better and more organized data management leads to increased productivity and faster operation. In comparison to messy papers, virtual data rooms keep the documents perfectly sorted and organized. Furthermore, digital data can’t be damaged, while physical copies can get lost or worn out beyond repair. This allows quick access to all the information.
Additionally, VDR’ don’t require physical access. Multiple remote users can access the data no matter where they are in the world. With digitalized data, sharing documents with partners can be done without the risk of data breaches. Live meetings become obsolete and are replaced by a more secure, reliable option.
Enhanced Due Diligence
Due diligence can cost the company a lot of money and time doing it the old-fashioned way. Also, it is fairly insecure as papers can be stolen or lost. With virtual data rooms, this process is drastically simplified. For successful M&A deals, due diligence must be properly executed, and a VDR offers solutions to make deals move forward at a productive pace.
Since all data is uploaded and properly organized, the mediator can review them within hours. Also, other employees can be given access to the room for document editing, while controlling their activities was never easier. Changes to the document can be applied efficiently and saved instantaneously.
With the monitoring systems of a virtual data room where all actions are monitored and logged, these logs can be used as a proof of compliance in due diligence. Components like keyword searching ease the ability to process information and find mistakes. Altogether, multiple rounds of due diligence can be prepared without taking up the additional time, improving the process.
Help the Nature
The traditional data rooms take up a lot of space. When the room runs out of space to store the papers (and it will), old documents are probably going to be disposed, and the nature is going to take the biggest hit out of that. Virtual data rooms help companies go green and provide them with a way to share information through an environmentally conscious way.
Recycling of important documents is rare because of the compromised security. However, even if they are recycled, waste that emerges from it is still going to cause damage to the environment. Paper is the largest single ingredient of total solid waste. which during decomposition produces harmful chemical compound.
Furthermore, using virtual data rooms removes the need of printing and acquiring paper, which amplifies the amount of cut down trees. Data that is electronically stored doesn’t require any paper or ink, and can be destroyed harmlessly.
By switching to a virtual data room (Dataroomproviders.com), not only are you helping your business, but also your environment. Companies that have switched to this technology can’t even think about going back to the old ways. Get the paperwork done easily, and focus on the more important things.