Many people are familiar with file sharing services like Dropbox or Google Drive. However, they are not as safe and efficient as an enterprise-grade business VDR which was developed specifically for business use. With an enterprise VDR users are able to securely collaborate on documents in real-time and block access immediately in the event of any security breach. A VDR lets administrators get detailed reports on document activities and the length of time each document was watched by whom.
Virtual data rooms are used by a variety of businesses to facilitate complex financial transactions and other crucial business processes. Investment banks, VCs, and private equity firms typically review multiple deals simultaneously and generate a lot of data.
A virtual data room is a way to streamline due diligence and detect important trends.
Mining and energy companies also have large volumes of data shared with regulators and investors. Using a VDR for business, it’s easy to manage access and assure compliance. A VDR offers greater online security than the cloud-based service that is generic, with features such as fence view, built-in redaction, granular access and remote shred. Additionally, a reputable business VDR provider will offer instant assistance (and 24/7 assistance) when there is an issue.