Keep anything important to you or your business secure with the best data room solution

data room solution

Data and security are becoming increasingly important in the Internet age. Virtual data rooms are suitable for securely storing secret and confidential business documents and collaborating on them. So, what are the data room features?

Secure business in a virtual data room

In today’s world, the protection of secret and confidential documents plays an extremely important role. Because the security of such sensitive documents should always be guaranteed, both when they are stored and exchanged. For this purpose, many companies rely on a virtual data room in which confidential information is protected from unauthorized access.

A virtual data room is a password-protected room on a server or in the cloud. It is suitable both for secure exchange and for storing confidential documents. An authorization system allows users to be granted read or write access, and it is possible to authorize a user only for certain documents, which means that corresponding confidentiality obligations can be maintained. Particularly sensitive data can even be protected with a watermark, and only certain user groups can be allowed to download it.

Data rooms have their origins in the area of ​​so-called due diligence checks. Because during these checks, a data room was often set up as part of the sales process, to which only the respective bidders and consultants had access to check the documents.

Especially in times of global economic markets and digitization, the popularity of data rooms is growing. More precisely, the software is a cloud solution. It is specially designed for confidential business information and its storage and distribution and equipped with special functions. For example, there are extended permissions, note and bookmark functions, Q&A tools, watermarks, or two-factor authentication. Originally used for financial transactions, IPOs, and real estate lifecycle management, this tool is now beneficial for all those companies that want to manage their files securely. They are also worthwhile for internationally active companies to manage comprehensive projects easily and make sensitive information accessible to several employees worldwide. In addition, blockchain technology guarantees additional security when exchanging data. Because with the blockchain, the users ensure that data blocks are checked and certified.

Main data room capabilities

The data room allows users to quickly and safely exchange documents with counterparties. In addition, the secure software ensures the following capabilities for arranging online collaboration:

  • Automation and acceleration of business processes

Electronic documents are easy to process, fast and convenient to send. They will not get lost like paper ones, and they do not need to be sent by mail or courier. You can correct any inaccuracy in a couple of clicks. It will speed up all work processes. For example, the sooner a company receives closing documents, the sooner it records expenses and receives tax deductions. Employees who used to spend a lot of time working with paper documents will be able to complete other tasks faster.

  • Increase control and transparency

The user sees the statuses of documents: draft sent, signed receipt, signed the document itself, etc. It allows you to monitor all processes in working with each counterparty. Documents have cards with detailed information, links, directions, and comments. It allows users to get a complete picture of what is happening in a particular workflow branch.

  • Convenient storage

The legislation imposes strict requirements on the method of storing documents. It is necessary to ensure readability, understandability, integrity, high protection, etc. Documents are stored in a data room repository for six months, then they fall into a separate service – electronic storage. It provides a reliable level of protection and storage of documents following all legal requirements.