Virtual data rooms are an integral part of modern software. In this article, you will learn what online data rooms are and find out everything you need to know about data room setup.

Advantages and importance of online data rooms

Virtual data rooms have a lot of advantages. First of all, it is an opportunity to provide customers or partners with valuable information, being able to control this process and maintain confidentiality. You no longer need a special place to store documents, all of them will always be available online. It will also help to speed up the process of cooperation with people and making deals.

You will be able to give access to all or only to certain documents. Also, virtual data rooms provide an opportunity to see who visits them and how often. Such rooms allow you to access the necessary documents at any time, have a convenient function of searching and adding new files. And the main advantage is the protection and confidentiality of your data.

How to use Online Data Rooms

How can a virtual data room be used? In almost any situation where a company needs to provide simultaneous access to confidential information to several persons:

• analysis of corporate reporting;
• creating a document archive
• auditing;
• preparation of an initial public offering (IPO);
• mergers and acquisitions;
• seeking and providing information to investors;
• bankruptcy and restructuring;
• preparation for obtaining certificates for medicines or other scientific developments.

Online data rooms will protect and keep your documents confidential. That is why they have long been included in the list of the necessary software for the business.

In which organizations the virtual data room is applicable.

Financial sector. Companies that work with critical information are in dire need of secure means to deliver documents and control access rights to data for affiliates and external counterparties;

Project organizations. These companies often face a situation when the working group needs to provide access to data for a certain period and are guaranteed to block (revoke) access to documents after the completion of the project;

Communication service providers. Telecom operators need tools to protect user data and mark documents in accordance with regulatory requirements.

Retailers. Retail-related organizations need to protect data that resides on merchandiser and sales representative devices and can be of commercial value.

How to understand that your company has long needed a virtual room?

• If you exchange technical assignments, drawings or any other documents of commercial value with contractors or customers.
• If you need to control the document even after it has already been sent and downloaded by a third party.
• If you often change frames, there is a “fluid” and you want to keep some of the data secret even from your own colleagues.