As of 2022, almost every business in the world has a digital infrastructure in which they do most of their business. It’s much faster, more convenient, and easier, and if you use business-specific tools, it’s also secure. Virtual data rooms originally appeared on the market as secure online storage, but over time they have evolved into something more, adding more and more tools to their functionality. VDRs are now also considered a transaction platform, and in this article, we’ll look at the most common features of a modern data room.
Features for document management
Virtual data rooms make the process of storing document exchanges several times easier. First, you need a minimum amount of time and effort to create a quality folder structure, despite the amount of data. Then, users are free to upload, edit, and access files depending on administrator permissions. And below, we’ll look at the most common features that help them do this:
- Transport – click on a file and drag and drop it into the VDR
- Mass Download – no matter how many documents you need to transfer, you can do it as easily as possible by highlighting the right number of files and clicking
- Labels – add a shortcut to any document so you can find it easily later
- Text Search – find your document using one or more keywords
- Multi-format support/automatic conversion – no need to convert documents manually. The software does it for you or not at all
- Electronic signature – you or your partners or staff will be able to sign documents without leaving your desk
Data protection is a fundamental responsibility of data rooms. All bona fide VDR providers have security certificates and also provide the following features:
- Two-step authentication -protects login from unauthorized access. To log in, users must enter a login, as well as a one-time code to be sent to their phone
- Access control to the documents – the administrator can at any moment revoke access from the paper, as well as prohibit copying, printing, editing, and forwarding
- Data encryption – when data is exchanged, it is encrypted, and only the intended recipient can decrypt it
- Digital watermarks -protects copyrights and additionally protects against leakage, mostly used on documents with intellectual property
- Remote cleanup -administrators can remotely delete VDR-related data from someone else’s device at any time
Tracking and Reporting
This amazing feature allows administrators to monitor the security within the data room and gain valuable analytics, recognize problems, and see the interest or disinterest of potential customers. In addition, VDR offers automatic reporting of detailed user actions and real-time monitoring.
The VDR space can be used as a workspace. The manager can assign tasks to his team, set deadlines, and monitor the work’s progress. A group of users can work on shared documents, and each change in the file will be automatically notified to other users. Also, modern data rooms often feature video or audio conferencing.
VDRs should make it easier, not harder, for their customers, which is why spaces offer:
- Support on any device -DDRs can run from any device and operating system
- Multilingual format -Data rooms are available worldwide, and therefore the program is available in more than ten languages, so customers can work in a comfortable environment and their own language