Many people are familiar with file sharing services such as Dropbox or Google Drive. However, they are not as convenient and secure as an enterprise-grade business VDR which was developed specifically for business use. Users can collaborate on documents in real-time and immediately block access in the event of an incident of security. A VDR allows administrators to receive complete reports on document activities and the length of time each document was viewed by who.
Virtual data rooms are utilized by many businesses to facilitate complex financial transactions, along with other vital business processes. Investment banks, VCs, and private equity firms typically review multiple deals at the same time, generating a lot of data.
A virtual data room can be used to streamline due diligence processes and discern important trends.
Energy and mining companies have large volumes of data shared with regulators and investors. Using a VDR for business, it’s easy to control access and guarantee compliance. With features like fence view integrated redaction, built-in permissions and remote shred, a VDR can provide an extra level of security over an ordinary cloud storage service. Furthermore, a reputable company VDR service will provide instant assistance (and 24/7 support) in the event of an issue.