It started as the only option to keep businesses running during Covid-19 pandemic, but remote working practices are likely to stay for a longer period. Although the lockdown restrictions are long gone, and the world has other problems to deal with, businesses have realized that work-from-home isn’t bad either. In fact, it boosts employee productivity by 47%, as suggested in the studies.
Not just productivity, the remote working culture is more cost-effective for businesses. They can save money in terms of lowered traveling allowances, meeting and rental expenses, and even paper costs.
However, the biggest challenge in adopting remote working culture is how to create secure digital channels for collaboration. How can businesses make sure that their employees can work in a safe virtual environment? One of the best and most cost-effective options is to use virtual data rooms. Let’s find out why.
What are virtual data rooms?
Virtual data rooms, or simply data rooms, are digital data management and virtual collaboration tools for businesses, remote teams, professionals, dealmakers, board members, nonprofit organizations, and public institutions.
In broader terms, it is a blend of multiple technologies that primarily deal with data management, and online collaboration needs in one place. Any type of business or professional can use dataroom software to safely store, access, share, exchange, or distribute massive volumes of information with hundreds of recipients.
What’s more, a virtual data room can facilitate any type of communication at a professional level. From organizing and holding business meetings to Q&A sessions to one-to-one conversations, dataroom software can manage all. That’s the reason why dealmakers and corporate boards use data room services for online collaboration.
How virtual data rooms ensure safer online collaboration?
Remote working culture is on the rise; thousands and millions of professionals and independent service providers are shifting to remote jobs. Businesses need to look for safer virtual workplaces, and data rooms are the option they can count on, says Angleo Dean, CEO of https://datarooms.org/.
Google has already introduced a hybrid work culture, and more businesses are following the trend. Here is how a virtual data room can make a complete digital workplace for your business.
Enhanced digital protection
Whenever decision-makers consider using an online solution for their business, they ask, “How secure is it”? Your workforce is going to share hundreds of documents on a regular basis, and you may have to deal with external bodies too. Thus, a secure data-sharing platform is mandatory.
Virtual data rooms come with all the digital safety tools that a business needs. For starters, data rooms are generally ISO, HIPPA, SOC2, GDPR, and FINRA-certified. These certifications mean that data room vendors are already complying with the latest data management practices recommended by global and regional bodies.
Moreover, data rooms have a protection mechanism to minimize internal and external threats. They give you full control over the flow of information in your VDR and restrict unauthorized entrants.
More efficient and controlled data sharing
Data rooms have everything to automate your data management needs. The software possesses the latest tools for data editing, sharing, viewing, storing, and analyzing. Using a virtual data room, you can:
- View, edit, and annotate documents and Excel files without needing any external tools
- Upload and share hundreds and thousands of files with multiple users in one go
- Schedule file sharing at future dates
- Work on the shared documents and make real-time changes
What’s more, modern-day VDRs like iDeals automatically convert documents into PDF form for better viewing.
The control that a data room gives you over your documents is simply unparalleled. For example, you can:
- Restrict anyone from sharing, editing, saving, printing, or downloading your documents
- Limit document access to specific periods
- Revoke access to any document at any time with prior notification
- Hide any page, section, paragraph, or line from your document with the help of the secure fence view feature
Real-time, safer communication
A digital data room can accommodate tens and hundreds of users, depending on your vendor. Generally, most VDRs have built-in tools for online meeting management and other forms of communication.
You can use chat messengers to communicate on one-to-one basis or form chat groups. When it comes to online meetings, dataroom software allows you to manage the whole process, from meeting scheduling and agenda preparation to sharing documents to preparing and distributing meeting minutes.
Similarly, the Q&A tools in VDRs are particularly designed to automate questions/answers in due diligence and other similar processes.
If a VDR doesn’t have these tools by default, it allows integration with Slack, Zoom, and other online communication apps.
Summing it up
Virtual data rooms make a perfect, fully equipped, and completely secure workplace for any business type and size. Businesses can hold online meetings, share and archive tonnes of data, and communicate safely using data rooms.