Apr 27, 2019 Virtual Data Rooms Solve Security and Access for All Business Deals
A few years ago cloud storage was the new kid on the block. Now, most are shifting their data to the cloud to improve efficiency, enhance storage capacity, and reduce costs. There is a big ‘but’ though – security of your data. The data breaches we’ve read about in the news has prompted many savvy business owners to move to a more secure form of data storage – Virtual Data Rooms.
According to a recent market report published by Persistence Market Research titled “Virtual Data Rooms Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026” the increasing demand for easy & secure ways for the storage of critical data and the increasing need for transparent & efficient data-sharing options are among major factors driving the adoption of virtual data rooms by businesses both large and small.
Originally created to facilitate the data and documents needed in mergers and acquisitions and legal transactions, Virtual Data Rooms (VDRs) are now used by many other businesses to provide a secure location for any sensitive documents in a business deal and to track access and use of these documents by all parties involved.
One of the top reasons for installing a Virtual Data Room is ease of use and access – no matter where the negotiating parties are located they can all access the material quickly and easily in a VDR and review them in a secure online space. VDR providers are constantly upgrading their products and providing businesses with advanced access controls, verification protocols, and data protection.
The due diligence required in any business deal or transaction generates a ton of documentation. A due diligence checklist covers information and documents you need to request from the company you’re dealing with, tasks your due diligence team needs to perform, and questions you need to ask of management, customers, references, and partners. Without a VDR, this can become a very unwieldy and frustrating process.
With a Virtua Data Room all users can access, share, and review sensitive information in an organized structure. The material is searchable and all usage can be tracked and reported.
Even Small and Medium Businesses Are Using VDRs
It’s easy to understand why a large company would want a Virtual Data Room. But even small companies and startups are turning to this secure form of data storage for ease of use, access from anywhere, and peace of mind in terms of security and privacy of their data.
As technology advances, Virtual Data Rooms will become the standard for any business deal.
About the Author
Mickey Henry is the owner of <a href=”http://www.idrshare.com/”>idrShare, LLC</a> and supports investment banks, advisory firms and corporations by building and hosting customer designed virtual data rooms. Mr. Henry has over 18 years’ experience in providing data rooms and provides passionate support to his clients.