What are virtual data rooms?
The world of work is increasingly shifting to the digital.
In order to be able to securely process, store and transfer all the data generated by virtual business processes, there are the virtual data rooms. They are almost like an online accessible archive in which the respective company can store its sensitive data.
Especially in times of global economic markets and digitization, the popularity of virtual data rooms is growing. More precisely, the virtual data room is a cloud solution.
This is specially designed for confidential business information and its storage and disclosure and equipped with special functions.
For example, there are advanced permissions, note and bookmark functions, Q&A tools, watermarks or two-factor authentications.
Originally used for financial transactions, IPOs and real estate lifecycle management, this tool is now an advantage for all those companies that want to manage their files securely.
For internationally active companies, they are also worthwhile in order to be able to manage cross-cutting projects conveniently and to make the sensitive information accessible to several employees worldwide.
What to consider when choosing a data room provider
In order to handle your projects as successfully as possible, it is worth taking a closer look at the selection of a suitable data room provider.
Because only if you also have the right provider, your business documents are really secure.
You can recognize a good provider, among other things, by the fact that it offers the possibility of providing a high-performance server.
In addition, you must assume that the guaranteed performance and safety also has its price.
Be especially vigilant with foreign providers, especially with providers from the USA. This is where it can happen that unauthorized third parties or even secret services demand insights into your sensitive data.
It is therefore worthwhile to rely more on German providers, as they have received certifications from the Federal Office for Information Technology (BSI) and have to pass an examination by the TÜV. In addition, authorities are only allowed to view your data in this country under clearly defined legal bases.
Take a look at the secure Dataroomx data room, which offers a lot of advantages.
The costs you will incur are difficult to estimate at first, as they depend on the respective provider.
If you are still looking, you can usually try out a trial version, which is offered by many providers, in order to be able to assess the actual suitability of the data room for your projects.
Often, most providers are quite flexible regarding the notice periods. Fees are mostly charged on a monthly basis.
With most providers, it is possible to use personalized offers and have the costs calculated based on the amount of data used, the number of users and other specific requirements.
Virtual data rooms are used in these areas
Many employees are still used to carrying out transactions or managing documents in paper form. But in times of globalization, this area has also been revolutionized and countless companies are switching to the use of virtual data rooms.
The digitization of documents is also suitable for various work areas:
Documentation of real estate
In so-called real estate projects, project managers have to manage a lot of documents.
In order to make the construction plans visible to all the groups of actors involved, digital data rooms are ideal. For example, updated documents can be retrieved by selected partners during the negotiation process. Information is also made available centrally and can be found quickly.
And even after completion of the project, the project contents are available in the digital archive.
Especially for location-independent companies, it is important to have a secure place for communication between managers.
Here, the confidentiality of data is elementary. By using the digital data rooms, security is guaranteed and external persons such as consultants or supervisory boards can be involved if necessary.
Mergers and Acquisitions
Even in the case of a company sale, the usually very complex process of audits and purchase completion can be facilitated by data rooms.
On the one hand, individual folders and documents make the whole thing clearer, on the other hand, you can set different rights for reading, editing or deleting, depending on your preference. If someone wants to leave the room, the consent must be mutual.