What is virtual data room? – Do you know the answer? If not this is a good read for you Virtual Data Room – An Overview for the Strangers to Virtual Data Room! Whenever one is up to doing something new or novel in nature, one should do ample amount of research. This will make one come in terms with the do and don’ts of the business. It will give a clear cut idea about the opportunities as well as the limitations of the particular business on hand. Earlier, there used to be a secured data room where such information’s where kept. They were used for further reference whenever required. The terms and conditions needed to be made clear for legal purposes and for best production values. These were usually used in a wide range of industries which included:
- Biotech industry
- Investment banking
- Loan advising firms
- Government bodies
- Real estate firms
- Pharmaceutical and healthcare firms
The list is quite long and since there are certain laws which needed to be abided in each transaction the need for a data room was inevitable. But getting a physical reference data for each firm was technically impossible and going to cost the business a lot more than anticipated. But with the advancements of technology, the concept of a virtual place for data reference was pushed. Slowly it got developed and is now provided by many firms which can be hired by various industries.
A virtual data room is a condition that many are employing into their business for easier documentation purposes. It is very important to understand the concept of virtual data rooms in a practical way. So, practical example of virtual data rooms is very important. Some of the most prominent features of the virtual data room concept that is provided by many firms include:
Security to The Data
- These are basically ISO certified data centres. All these world class data centres are of the SAS 70 type 2 and various other certifications.
- You can edit the permissions to these data centres as most of the users will have the simple ‘read only’ permission to the files. They cannot make any changes.
- A watermark can be set over all the viewed documents which will avoid any illegal copying of the data.
- The file encryption system makes it difficult to leak the data being transferred.
- Some even scan the files for viruses.
Data is Quite Easy to Use
- You will not require any special training to work with these. If you are formally trained for an online search you can work easily with these.
- In case any question arises or you get a doubt, you can easily find the solution in the question and answers section which most of the service providers provide.
- Pricing is mostly simple and the text is also kept as simple possible without any jargons.
Dedicated Support System
- One will get a dedicated transaction manager as soon as one gets signed up with certain firms.
- Many even provide unlimited telephone as well as email support for assistance.
- There is a twenty four hour monitoring as well as a training program for starters which differs for each service providing firm.
Various Tools for Easy Interface
- A desktop widget makes it easy for you to drag and drop files to the particular location. Uploading and downloading becomes quite easy.
- If you are frequently using Microsoft outlook, then many firms give a plug in with this software for easier access.
All these have made the virtual data room quite easy to work with.