Online deal rooms became rather trendy during the past few years. Firms get numerous benefits using them. So there is no surprise the virtual meeting room market became quite broad and profitable. New providers are created often, and every one of them is willing to surprise users with interesting instruments on this constant war for the loyalty of the audience.
But do deal rooms actually differ that much from online repositories? And why would a brand give money for it? Since there are many people who might ask these questions, let’s learn the technology behind the virtual deal room.
What is a online meeting room?
Let’s start with the basics and discuss the software itself. It is a virtual storage where firms can store their sensitive data. But even though it is the most important ability of such technology, the list of its instruments doesn’t end on just being an archive. Digital data room offers its users a complete interface for all business interactions. Here employees can share files, discuss issues, get ready for meetings and some other. Basically, adopting this technology a business will have a broad range of various tools that will help to upgrade the performance of the team and whole firm.
So, whilst ordinary virtual repositories can only give a virtual space so a brand owner can save files there, VDRs are a complete company tool. These instruments can be used for Due Diligence, Mergers and Acquisitions, fundraisings, IPOs and other business processes.
Security is vital
Sure, not all company works with the sensitive data on the every day basis. But even though this information can be not very important, any company owner would want to get their documents stolen or illegally used. Online storages like widely used Dropbox or Google Drive are not quite protected – different cases of data leaks have shown it to us rather clearly.
Thus, the most valuable difference of virtual data rooms is the data encryption and diverse methods of protection. Of course, ordinary cloud hosting services encrypt their transmission lines as well – but not exactly the transferred data itself. And if anyone has a direct link to the document, it can be easily stolen by malefactors.
Data room providers protect not only transfer lines but the information as well. There is no way they will experience any kind of threat caused by malicious acts of hackers. Moreover, all VDRs have a two-factor authentication. It means that to log in the user will have to enter the code that was sent to their smartphone in an SMS while signing in.
Also, the administrator of the online meeting room can take the control of the level of access other partners have. Settings can be changed at any second. And if any extreme situation occurs, the room administrator can destroy the document remotely or stop the access to it.
Unlike generic online storages, virtual meeting rooms are created to boost the teamwork of the firm and among partners. So on top of that that participants can exchange the information with each other, they can also be involved in discussions, go through different votings, create Q&As and much more. It is pretty useful to have all instruments in one interface.
Moreover, entrepreneurs are able to keep an eye on the workflow of their companies in the online deal room . Some providers even offer an artificial intellect implemented in their software. It allows to predict situations and trends and get deeper insights. Besides that, CEOs can follow thpartners and see if there are some problems in the work of the business.
In conclusion, there surely are varied reasons to implement a virtual deal room in your company and stop using simple online storages . Once you try a virtual data room, you will not want to stop using it.