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Why Are Virtual Data Room Solutions Popular?
Companies are always thinking of ways to have a competitive edge over their rivals, and one such route is by adopting virtual data room solutions. This move by most businesses is understandable, considering virtual data rooms guarantee exceptional privacy and security, unlike physical data rooms. You can also access the stored information from anywhere and at any time. In addition, virtual data rooms incorporate easy-to-use features and offer you peace of mind knowing that all the dealings made there are safe and secure.
But why are so many people investing in a virtual data room provider? If this is on your mind, look no further, and here’s a guide to better explain why virtual data rooms (VDRs) are very popular today.
Guaranteed Data Security
Without a doubt, the stand-out benefit of online data rooms is that they guarantee exceptional security. This is because of its superb security features that safeguard sensitive business information and crucial company documents. These features allow you to apply personalized non-disclosure agreements and customized watermarks. This security is also further boosted by features including;
- Data room editing
- Remote shred and wipe
- IP and time access control
- Face view
- Two-factor verification
- User activity reports
Online data rooms also observe the international security standards such as HIPAA, ISO 27001, GDPR, and SOC2. With these many security features, online data rooms prevent potential illegal viewing, and distribution of sensitive company data.
Reduced Costs
Besides being sluggish, physical data rooms are also expensive compared to online data rooms. And because profit maximization is your primary goal as a business owner, it makes perfect sense to opt for a VDR. Online data rooms are cheaper because they’re cheaper to maintain than physical data rooms despite providing greater security and faster operations. VDRs also don’t have overhead costs such as expenses incurred during printing, stapling, copying, powering office machines, and paying for file paper files and file folders.
Another cost advantage of online data rooms is that you can access them from anywhere. This saves you from incurring costs such as accommodation and traveling associated with a physical data room.
Improved Control
With VDRs, it’s you, the user, who enjoys the permission of setting and deciding who can access the stored information. This is a privilege you can’t enjoy with the physical data room, which you first have to get permission from the staff before accusing your documents. You won’t deal with such inconveniences with an online data room. In addition, this better control helps reduce the risk of data leaking because you can limit users who can access every type of file in the VDR.
Besides granting access, the VDR allows you to revoke access to this storage if it accidentally gets issued to an unapproved party.
Faster Transactions
In the business world, time is money, so you want to maximize every second on your hands, and this is what a VDR allows you to do. This is possible thanks to the superb speed at which every transaction happens, from uploading documents, full-text search, automatic index numbering, and simultaneous system processes. With this quicker speed at which transactions happen, you save time and money for your business, unlike physical data rooms.
