Virtual Data Room Software –Check the benefits of the room software!!
Word to the wise. Don’t attempt to broker a business deal without the right virtual data room software. Virtual data rooms or VDRs are a secure internet version of a physical data room. Data rooms are an important element in the world of mergers and acquisitions as well as any business or legal transaction.
They allow someone intending to sell, a central place where they can put their vital documents. These documents include financial transactions, company background info, legal documents, etc. It offers a secure location where documents are reviewed without being published or escaping the possession of the owner. The background of the Firmex Data Room is clear and positive for the business enterprise. The selection of the location for the data room is made to get the business operation. The checking of the company background is effective to meet with the requirement.
Virtual data rooms simplify the whole process and offer a level of convenience never before seen. Instead of needing a physical room where everybody involved travels to at the same time, it’s all done through secure internet websites.
Now numerous virtual data room providers out there will try and convince you that their platform or software is the best there is, when all they do is offer little more than a file sharing program much like Dropbox. That’s all well and good but it offers little in the way of security.
If privacy, security and protecting sensitive information wasn’t such a big deal, companies could just trade documents through e-mail, Dropbox or Google Drive. But in doing that you lay yourself open to numerous headaches.
It’s all too easy for outsiders to retrieve documents through one of those services. They offer no real encryption or protected servers. Your information could be used by competitors to leverage against you if they got their hands on it.
So that’s why a solid virtual data room software is vital to the world of business deals. A secure meeting place which is monitored like a hawk protects you against any bad consequences that might come about as a result of sharing your private information.
How it usually works is an administrator doles out log-in information to approved parties. The room is then monitored by the software. It tracks who accesses the room, usually only one person at a time. Then it tracks and records which documents are looked at and anything else that might go on.
Sometimes they offer mobile access on the selling side so you can add or remove users or make other adjustments at any time. The world of M&A moves fast. You have to be quick to stay on top of it.
A solid virtual data room software will handle the following functions:
- Tracking of activity and an audit log
- Management of secure data including account theft prevention, antivirus features and encrypting data, to name a few
- Filtering of documents
- Complete search capability within the entire data room
- Compatibility with common file types like Microsoft Office and PDFs
- Support of multiple file formats
- Uploading bulk files at one time. Often there are a lot of documents to upload at once and you want a software that can handle that kind of workload without taking forever.
- A simple “drag and then drop” files feature
- One account should be able to handle many projects
Most important though is its security options. The number one priority in a robust virtual data room software is its ability to be 100% secure. That includes having versatile security options like:
- You should have the option to create a multiple step log-on process.
- There should be a Q&A option.
- Time restriction
- One person at a time allowed in the room
- Watermarks that are dynamic
- Disabling of print screen button. This is easily one of the most important security features. It defeats the whole purpose if they can just print right from the data room.
In choosing the right software for your virtual data room you’ll have to weed through a lot of options to find the right one. There are some things to keep in mind when you’re searching. Obviously the points covered above are a must. But the first step is really figuring out your needs and finding the software that fits that.
You may need a virtual data room for mergers and acquisitions or other business deals or possibly as an attorney looking to meet with your client.
Whatever your need, that’s what you should be looking to fulfill. Do your research and follow the points as above and you should be on your way to secure virtual business file sharing.