In this article, we are going to investigate the functionality of the Data Room service and analyze the best data rooms which are in demand from users.
Virtual Data Room – secure storage of information
Today in all areas of business there is an introduction of IT technologies and digitalization of all processes. Therefore, such an innovation as a Virtual Data Room plays a significant role here.
A virtual data room (EVR) is a store located in a private cloud or inside a secure organization perimeter. The main function of the Virtual Data Room is to provide access to secure documents for authorized users through a dedicated website or through secure agent applications for workstations running Windows, macOS, and Linux, as well as Android and iOS mobile devices.
VDR is used as a tool:
due diligence of corporate transactions (loan syndication, bankruptcy, and disintegration, real estate sales, acquisitions, mergers, etc.);
external financial and technical audits;
implementation of a technical solution by an external company;
joint projects of companies;
merger/acquisition process of companies.
Storage location for corporate data
Almost all modern VDR, unlike public cloud storage, have two delivery options: hosted and on-premises, which allows using the solution and storing data both at the service provider and within the organization. Of course, the second option is more suitable for companies that are mature in terms of IT technologies, who understand the value of their data and the volume of risks associated with its leakage.
What Virtual Data Room to choose?
There are many alternatives of Virtual Rooms according to the needs and capabilities of users on the market today. The most famous are:
- iDeals Solutions is a trusted and experienced virtual data room provider verified by investment bankers, lawyers, and CEOs of the largest companies around the world.
- The Ansarada Virtual Data Room comes with an image recognition engine that tracks daily logins, document views, and consultants’ actions. The platform’s administration and mass action feature help teams threaten and disclose documents to bidders.
- CloudSploit is automated open source security that provides features such as on-demand scanning, audit tools, risk alerts, archiving and retrieval, heat maps of downloaded regions, email summaries, and more.
- HarmonyPSA is the next generation of software for professional services automation, that provides organizations with a competitive edge by providing time tracking, project management, business intelligence, helpdesk, and billing tools all in one place.
- Logi Info is a rapid development platform that provides a full range of powerful and interactive dashboards, reports, and self-service analytical capabilities. Info creates attractive features that can be deployed to the widest range of users in the applications they already use, making it ideal for large-scale deployments.
- JustTrust is a virtual data room with a multi-level security system into which you can quickly upload large amounts of information.