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The Virtual Data Room (VDR), a more secure version of conventional cloud storage, is becoming increasingly popular in 2017. This digital system is commonly used to advance online data transactions and corporate exchanges. Its technology allows negotiating parties in a business deal to exchange crucial information more rapidly, regardless of the distance between them.
Related: Why Your Business Absolutely Needs a Virtual Data Room
Moreover, due to VDR's paperless transactions, legal documents can be processed much faster, since there's no need to look through hard copies, which can be tedious. Manufacturers are further improving on these features by creating advanced access controls and verification protocols that guarantee better security, as well as data privacy.
As of April 2016, it was estimated that market revenues for VDR companies were more than $800 million, with annual growth rates for individual companies increasing by double digits. Based on these positive statistics, it's safe to say that the popularity of virtual data rooms is not going to fade away any time soon.
Potential for the future
VDR technology provides many unique advantages and benefits to business deal-makers. For instance, the due diligence and detection requirements associated with corporate transactions make these online data rooms the most ideal solution for discussing corporate deals.
Additionally, as IT deployment capabilities and infrastructures continue to grow, so will the number of advanced features that VDR provides to users. This will improve sales, marketing and support standards for companies, as various business processes will be completed much faster.
How VDR can improve discovery
Virtual data room technology allows users to share sensitive documents/files in hierarchically organized structures. Furthermore, it allows for the use of digital mechanisms such as semantic tags, instead of crosslink-specific line items and folders.
Related: 5 Data Management Challenges Facing Small Business Owners
The ability to access these crucial digital items makes it easier to provide business partners or a legal team with data, which they can easily search and navigate. Likewise, due diligence may necessitate that certain documents, such as profit/loss statements or compliance histories, be copied or referenced at numerous locations in other data records.
Benefits of the VDR boom to entrepreneurs
Most entrepreneurs prefer VDR to traditional forms of data exchange mainly because it minimizes the risk of information theft by third parties not involved in a transaction.
In the past, data-sharing was done mainly via land-based systems, which proved to be quite laborious. It was also inconvenient, as all participants in a deal were required to be physically present for the transaction.
However, with the emergence of virtual data rooms, business processes can be completed much faster since most documents can now be shared online. The main reason why this technology is taking over land-based data rooms in 2017 is the convenience it provides to users.
VDRs are also commonly equipped with ools that aid in communication, which physical data rooms often lack.
Other benefits for entrepreneurs
1. Accessibility from anywhere across the world. Regardless of the time or geographical location of an individual in a transaction, documents can still be shared instantly to any destination around the globe.
Similarly, most virtual data rooms are now accessible by mobile applications. This means that businesspeople have the option of using their tablets and mobile phones to continue working, even outside the office space.
2. Easy to navigate. VDR data is structured, and its information systems are easy to navigate due to those systems' highly advanced search options, as well as the filtering options available.
3. No space limits. Virtual rooms can accommodate multiple visitors at once without running out of space. There's no particular order and room users can access the data stored in repositories whenever they want.
4. Easy duplication of files. Since files can easily be duplicated on multiple servers, it's easier to recover information in case data is lost or damaged. Furthermore, since virtual repositories are fitted with advanced and multi-faceted data security systems, no information can be stolen or breached from the system.
Related: Why Your Startup Needs to Be Data Mature From the Beginning
5. Only a single DVR is necessary. Since VDR visitors can be subdivided into distinct permission groups, virtual room owners can use just a single VDR to perform multiple transactions concurrently. Therefore, they end up saving a lot of time and financial resources.
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