How it works
Not a single businessman wants to waste the time or to puzzle partners with tricky software: even the most complex industries require simple solutions that eliminate arising obstacles and save resources. Therefore, a decent and reputable virtual data room is supposed to be comprehensible.
Depending on a company’s needs and the requirements of a particular project, the one can make a decision about the level of VDR functionality and then select a proper vendor. When the virtual platform is chosen, it is high time for the user to get acquainted with the VDR specificity and to get used to working with features available.
Usually, the exploitation of a VDR does not require any additional training: the user can figure everything out intuitively. A user-friendly interface of a decent data room allows users to navigate the platform and to fill in the virtual space effortlessly. For instance, to upload all the documents the functions of bulk upload and drag-and-drop upload were developed and the room can be set up within a few hours.
After being uploaded the documents undergo a strong data encryption that is aimed at prevention of data theft or misuse by unauthorized individuals. Encryption is not the only security method inherent to virtual data rooms. According to the industry standards, the documents should be protected with watermarks, firewalls, multi-level verification system, other advanced security features. Thus, when the documents get into a VDR they are under the solid, multi-sided protection.
A virtual data room can accommodate the large volume of corporate data that might be related to various aspects and spheres of company’s performance. To make the navigation more convenient, the room administrators are allowed to systematize the documents into folders. The logical file system is also enhanced with the advanced search features: the users can use keywords to find a document, to embed links between the documents, etc. Hence, the owners of the VDR and their potential partners might not face any difficulties with the room navigation.
Apparently, an entrance to a VDR is a privilege of the chosen: the data room administrators can and should impose restrictions on the access. As a data room contains confidential corporate information only the authorized users that have all the data to pass a verification process are allowed to enter a VDR. Simultaneously, the room owners have an opportunity to segregate the authorized users into smaller groups, so-called “permission groups”: every group gets the access to certain files and folders. In addition, the access can be restricted on the basis of time or geographical location. Thus, digital rights management helps the room owner to benefit from communication and cooperation with various partners, and no need in the setup of numerous data rooms arises.
Although unauthorized individuals have extremely small chances to break into a VDR, a certain risk of data theft or misuse remains: not all the employees and partners are equally reliable and trustworthy. To prevent any possible misunderstandings and to provide additional security, virtual data rooms are often enhanced with activity tracking function. The latter implies recording of the activity of all the users: information on who entered the virtual data room, when, how long for, which documents were reviewed, downloaded, altered, etc. is included into the automatically generated audit report. The room administrators are provided with such reports on a regular basis and can easily detect suspicious activity and prevent data theft or misuse.
When the access to a VDR is given to the partners and when the data is shared, the data room does not turn into a useless virtual space. Such function as Q&A section helps the sides of the deal to establish and maintain smooth and meaningful communication. All the documents are linked to the branches of questions and answers and the users can discuss and clarify certain information directly in the data room. Due to this feature every new user gets in-depth information on the document and avoids asking redundant questions.
Normally, a data room works smoothly. However, there is no such software that is totally immune to defects or malfunctions. Moreover, some users might face the need to get advice on the VDR exploitation. Therefore, a special support team is supposed to be ready to assist the users 24/7 365 days a year to simplify their adaptation to a data room utilization, to provide quick solutions to occurring troubles and to prevent the potential crises.
Thus, a VDR constitutes the simple but highly functional and secure environment for data storage and exchange. For a new user, it might take some time to get used to working inside a virtual data room. But when the first adjustment barrier is passed, the one will experience the ease of VDR exploitation. That will be the moment to relax and enjoy all the benefits a decent virtual data room can offer.