Many people are familiar with file sharing services such as Dropbox or Google Drive. However, they are not as secure and convenient as an enterprise-grade business VDR which has been designed specifically for use in business. Users can collaborate securely on documents in real-time and immediately remove access if there is any security breach. A VDR can also allow administrators to receive reports on document activity, including the amount of time each document was seen and by whom.
Many businesses rely on a virtual data space to facilitate complex financial transactions as well as other crucial processes. Investment bankers, VCs and private equity firms frequently review multiple transactions at the same time which generates huge amounts of information that requires organization and secure distribution.
A virtual data room can be used to streamline due diligence processes and identify key trends.
Mining and energy companies also have large volumes of data shared with regulators and investors. With an intelligent business VDR, it’s easy to manage access and ensure that you are in compliance with regional regulations such as GDPR and CCPA. A VDR offers superior online security to the cloud-based service that is generic, with features like fence view, built in redaction, granular access and remote shred. A reliable provider of business VDRs can also provide 24/7 support and prompt assistance if an issue arises.