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A virtual dataroom is an online platform for managing documents that streamlines workflows while keeping confidential information secure. It eliminates the need for physical files to be sent and allows teams to access documents from any location anytime. Cloud technology means that users require a computer with internet access and an up-to-date browser. While it can be used by any business the virtual information space is particularly popular among life science and technology firms that require protection of proprietary information and make deals.

Streamlining workflows

When it comes to managing documents, the majority of people have to go through folders to find the information they’re looking for. Virtual data rooms help save time and effort by automatizing this process. A simple search allows users to find the files they are searching for in a matter of seconds. Furthermore, most VDRs also offer advanced features like redaction and fence view that help to ensure personally-identifiable data stays private. Fence view, for instance will black out certain sections of a file so that only the administrator can see what’s hidden while keeping the rest of the file accessible.

Secure sensitive information

Many businesses regularly share confidential paperwork. Whether it’s due diligence documents for mergers and acquisitions or simply working with a client, this type of documentation needs to be secure. VDRs are a great method of sharing these types of documents with other parties without compromising confidentiality. They are also cheaper than sending experts and other stakeholders to another city via plane to examine physical documents.

Apart from storing and sharing confidential information, a virtual space can also facilitate collaboration on projects a lot easier. Businesses can avoid costly errors with a platform that allows teams to work in tandem on the same project. This type of platform can also help companies stay in compliance with industry and regulatory standards.

The most reliable vendors are certified to at least ISO 27001 and SOC 1/2/3. They also have GDPR and HIPAA certifications. Additionally, they provide an array of security options that can be customized to the needs of any organization. This includes two-factor authentication as well as data encryption ideals and IP address restrictions.

Businesses that want to improve their workflows and collaborate better should select the best virtual data rooms. It’s important to compare the options available and choose one that offers flexible pricing options that can grow when a business expands. It’s also a good idea to find a no-cost trial to test the software prior to signing up for a subscription plan. It is essential to select a service provider who offers 24/7 customer service and can answer all questions quickly. This will let you be comfortable with your decision and make a choice that’s best for your business.