The virtual data room is a new milestone in the development of corporate cloud services and one of the fastest-growing business segments in the field of data storage and exchange. It might seem, public cloud services can offer the same solutions and advantages. Of course, this is a misleading opinion, as the essence lies in the details. It is the online data room software that we will pay attention to in our review.
Modern Virtual Data Rooms Software: the Benefits
VDR software development is carried out taking into account the needs of companies involved in a variety of areas. Therefore, their advantages are obvious:
- Multilevel reporting monitoring. You will be able to track any file changes. It is especially important if the changes haven’t been authorized. In addition, you will have at your disposal a log that reflects the actions of users. You will have the opportunity to plan to report in stages, export the necessary data, make changes to documents and edit user rights;
- A simple deep check on the future partner. You cannot enter into a joint business project without knowing all the details about your partner. It’s about financial status, obligations, and so on. Providers have worked hard on data room software that makes it possible to share important documents with a guarantee of confidentiality. So, the software contains control lists, bulk downloads, and export of documents of any size. You will appreciate the ability to quickly and efficiently due diligence;
- Guaranteed complete security and compliance with SOC 2, HIPAA, PCI DSS, and GDPR. Leading vendors use strong encryption methods, SSO (multi-factor authentication and integration with single sign-on). Be sure to take this opportunity and protect your files with seals, watermarks, and limit the access period.
Thus, you can send any kind of files to counterparties! At the same time, you retain control over their distribution and can manage the rights to them that have already been received by third parties.
Virtual Data Room Software Function Set
The key to the success of any modern business is the ability to cope with multitasking workflow. You will be pleasantly surprised by the list of data room services:
- Fast loading of files. Modern software allows you to fill a new room with data in one click. Drag files and folders from your computer to the download window. You don’t need plugins;
- Quick access to files and folders and control over their use. Now loading, merging, restoring, deleting, and moving are available in a few clicks; Combine the content of multiple files into one PDF file;
- Complex loading of documents. Upload files to the data room in no time. There are no restrictions on the size or number of uploaded files. One moment – and the upload of files to the data room will be completed;
- Upload files in any format. No special preparation of files is required before uploading. Automatic conversion of major file formats to PDF occurs automatically. The newly created file is available for viewing in any browser. There is no need to install additional software;
- Quickly search for files using tags. Labels serve a dual purpose. They help you sort your documents and can be used as search filters. Use multiple tags to organize files according to the needs of your project;
- Full integration with explorer. VDR allows you to automate the upload and download of data. The ability to synchronize the contents of the desktop, servers and public file storage with VDR makes interaction within the company even easier.
- Indexing documents in auto mode. As you load and move documents and folders, they will be organized and numbered. It is a great prospect when it comes to hundreds of files. You do not need to create or modify the data room index manually;
- Quick search. Find information quickly with keywords and multiple searches. If the document is in your VDR, OCR will find it in a second for a word or a single phrase;
- Excellent work results. The virtual data room has already helped prepare a large number of contracts, more than several billion dollars in total;
- Free trial period. The most effective way to experience the full benefits of virtual rooms is to get started. You can try it without spending money and without delay.
The online data room software allows you to manage access rights for different users and groups individually. As a rule, modern VDR has synchronization with AD/LDAP. During data room comparison with public cloud saves, the latter is clearly inferior.
Current Trends in Software Development for VDR
Currently, the development of software for the electronic data room includes the introduction of artificial intelligence. It greatly speeds up multi-level checks, complex transactions and controls the process of business interaction at different stages. Thanks to such tools, you will be able to analyze the actions of partners, eliminate risks in advance and assess opportunities and prospects.
The possibilities of customization are expanding. The set of customization options includes the implementation of logos for companies and holdings and color schemes and banners. In this way, you can create a so-called corporate space. Advanced software can even offer white labels and unique domain names for a truly responsive virtual space.
Final Words: Choosing Virtual Data Rooms Software
The modern VDR market offers users a wide choice. They differ in terms of pricing policy, a set of functions, and several essential details. It is especially true for some aspects of customization. So, if you execute complex trades in multiple time zones, you may need support at any time of the day. Choose those software providers who are ready to assist you seven days a week all year round. Compare virtual data rooms and study the user agreement before making the final choice.
Find more articles on Glusea