Data Rooms What to Await

Posted by newobjectivityera on Apr 28, 2016 in Uncategorized | 0 comments

The significance of IT solutions in business must not be undervalued. Several research works prove that using IT helpers does not only increase the quickness and effectiveness of most business transactions, but is an important condition of remaining competitive in the market. Among the most perspective online tools for business is a virtual repository. See how it can help your business.

Virtual repository is the innovation that has got the huge regard within the last ten years. Having been primarily introduced for processing mergers and acquisitions, the technology quickly became actively used in plenty of other areas with the unchanged success: clinical trials, fundraising, legal practice, real estate, biotech, etc. The key advantages of the software are its convenience and confidentiality: parties can work with the virtual data room at any time any moment, from any location, and without concerns about the files being safe.

When it is time to choose the service for performing deals online, it is most recommended to get well acquainted with all the characteristics and functions it has to make sure it can surely bring advantage to the users – more about . The most in-demand options to require from a sophisticated service are the following:

Data encryption

Various providers apply different security-related technologies for best files safety, but data encryption is among the standard ones. It supposes encoding the information stored in the data room to make the text unrecognizable for those users who are not authorized in the data room. This is the primary anti-hacking step which is a required element for any data room. The variation can only be in the encryption standard which was used: the latest approved standard is 256-bit SSL, but 128-bit is also very secure.

Watermarking

While encryption is a protection from improper accessing, watermarking is a protection from unauthorized data distribution. Special watermarks enclosed to the files have the data about the document`s owners so the rights is fully protected. These watermarks might be dynamic which means that they can collect the data about the previous accesses to the document.

Two-step verification

The most reliable way to secure the virtual data room from hackers` activity is to restrict their chances of even gaining access to the data. To achieve this, most trusted vendors offer complex verification process that supposes 2 components: entering a user`s password in a combination with typing down the code which was sent directly to his mobile.

Activity monitoring and audit log

This option does not only allow to control what exactly happens in the repository, but also allows to get a feedback about the partners` level of interest in the deal. Monitoring tools which are used in a definite data room mostly allow VDR owners to track what happens within the virtual space and build conclusions about the most concerned parties. This information is highly valuable during due diligence when the outcomes of the whole transaction may be influenced by the properly led final negotiation.

Digital permissions

With a VDR, there can be no chance for process participants to gain access the improper files. The data room itself takes control of the operations and can make certain files impossible to view for the chosen users. The only step that should be done in the beginning is defining the permissions for all the system users, and to be sure they will certainly be rigorously followed.

Questions & Answers module

The indicated module has been specifically included to ensure online-based communication between the participants. The offered means of communication does not only allow to minimize time losses, but also increases the security of the discussed information. To benefit users even more, Q&A module may be equipped with the e-mail notifying system and in-document linking that offers an opportunity to drag the files into the Q&A space.

Full customization

Certain VDRs offer basic interface which can`t be customized, the other products give slight or great possibility of customization. Together with setting changes set by certain users, the company that has a virtual data room has a chance to define its own interface. In order to make the virtual repository recognizable for current and future clients, large corporations apply their logo and organizational colors.

The listed characteristics are absolutely valuable for files security and efficient working. While the first three ones are necessary to arrange data security, the other ones relate to the way of using the information to make the deal more controlled and advantageous.

Online data room is a technology that has a potential to introduce a dramatic change in information storing and distribution, managind transactions, and communicating with business partners. If you have set your sights on improving the quickness and productivity of your business processes, begin looking for a reliable online data room right now and be sure to get the profit tomorrow.

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