The year 2020 has taught us an important lesson about being more flexible and agile with our work. Nowadays, remote work is not uncommon, and though we used to think we didn’t have enough resources to work from home. But as it turns out, there are plenty of software programs out there that can provide us with useful and effective tools. virtual data rooms is a multifunctional business tool that can optimize business processes remotely. Learn the main advantages of VDRs for working from home.
What are virtual data rooms?
A virtual data room is a secure online environment where companies can store their sensitive documents and conduct financial transactions. VDRs have all the tools they need to conduct due diligence, share a document, communicate about important issues and share sensitive data. That way, company representatives don’t have to travel to another city or country to meet with potential partners in person, deliver confidential documents by courier, sign NDAs and spend time in a physical vault to review the necessary data. The most common uses of VDRs are:
- Mergers and acquisitions
- Fundraising
- IPO
- Comprehensive due diligence
The data room plays the role of a so-called dome, so that external influences can’t affect activities inside the platforms in any way, because users can use all the necessary tools right inside the space.
The main advantages of VDRs for working from home
Virtual data room solutions have a number of benefits that streamline a company’s routine processes and make it more mobile and productive. With all the events in the world, no one can predict what’s going to happen next, but if you know you’ll be ready to work anyway, it’s worth a lot. Below we’ll highlight a few reasons why working in a virtual data room from home is a good thing:
- Less need for an administrator
Remember what it’s like to work in physical storage? The constant photocopying, shuffling, organizing, scanning and sharing of physical data with clients is not only time-consuming, but also energy-consuming. In addition, this work is handled by a separate employee who needs to be paid. With a virtual data room, you can forget what paperwork is, all of these processes are easily replaced with a few clicks of a button. With drag-and-drop, bulk upload, and smart search, document management is easy. Managers can systematize documents themselves, quickly and easily.
- Flexible Access
Working from home is known for its flexibility. With VDR, your employees can work at any time of day, from any location and device. They can take a break at any time of day and then get to work more productively. Working individually, however, would be much more difficult with physical storage, as you have to work around the client’s schedule. With a virtual data room, many routine processes are automated, and the program avoids human error.
- Security and encryption
In the past, you had to work in a separate room in the office to keep sensitive data secure, or you had to log in to the client from a dedicated terminal. With VDR coming into your business infrastructure, you provide your data with multiple layers of security that include:
- Data encryption
- Multitiered firewall
- Backup
- Two factor authentication
- Watermarks
- Remote destruction and more
Managers will be in control at all times because they can track all user activity within documents. Automatic notifications will notify you of any changes and updates, for example, you will see if one of your users has forwarded a document to another user. In office mode, you would have a hard time keeping track of all the processes in your company in such detail.