Virtual data rooms make it possible to access the required data anytime, from any location, and, above all, securely. This article will consider the benefits of these cloud-based solutions for modern businesses.
Digital data room: how can companies become more competitive?
The secure exchange of data – such as contracts, business figures, personnel and project documents, design drawings, patient files, and much more – even across company boundaries, plays an increasingly important role in times of digitizing business processes. Close networking with suppliers, consultants and service providers, sales partners, and customers is essential for future business success. Secure and, at the same time, quick and easy access to data and documents, independent of location and time, plays a central role here. Therefore, modern enterprises use virtual data rooms to organize a reliable well-protected working environment. Data rooms represent a highly secure and easy-to-use solution for data exchange across locations and companies.
The data rooms have the following capabilities:
- Preservation of all information about each client, fixing all relationships;
- Increase sales through customer segmentation and contact scheduling capabilities. It becomes possible to identify customers with high prospects and focus on them;
- The system can give the manager hints for working with the client, after which a profitable deal will be concluded;
- Preparation of documents based on a template;
- Creating a portrait of target customers;
- Formation and provision of information of interest to the client;
- Create progress reports and sales forecasts.
Virtual data room: the highest level of business data security
While the protection of personal information is required by law through the EU GDPR, other sensitive, business-critical, or secret documents, such as patent applications or construction drawings, are less protected by the legislator. However, their loss can have serious economic consequences for companies. Data rooms offer the highest level of security for all documents, thanks to consistent end-to-end encryption during transmission and storage. Unauthorized persons cannot decrypt this data so that it remains worthless to attackers and is not disclosed. In addition, virus scanners, which search the transmitted data for malware before it is sent or stored, offer additional security for data and systems.
Only defined groups of recipients are granted access to the virtual data rooms. Based on a flexible, fine-grained assignment of rights, companies can assign exactly the access rights that each person involved in the project needs for their respective role. External partners could, for example, only read and download data, while colleagues can add, delete or administer data. The rights can not only be assigned to one or more data rooms but also individual documents. Activity logs provide team leaders with a precise and transparent overview of all processes in the data room. In this way, they know exactly who has access to company data, when and with what authorization level. In this way, companies retain sovereignty over their data at all times.
It also should be noted that more security usually means more work for the IT administration. Unlike other methods of sharing information, such as providing a shared server or setting up individual VPN access, implementing a virtual data room does not require any additional IT infrastructure. It can be integrated into existing structures in a short time and without significant IT effort and can then be used directly by employees without lengthy downtime. In addition to these security measures, protective mechanisms such as time-limited access are used. It is the only way to ensure company acquisitions, mergers, or cooperations run smoothly and without incident.