Virtual Data Rooms:
The trend for the virtual data room technology is increasing day by day because increase in the demand for information technology urges the other firms to use IT, to save time and money. (1) It is very useful to make data secure and virtual rather than letting it be physical and being on the threat of getting stolen. Virtual data room of VDRs is the electronic design data room through which different kinds of secret documents and company future planning can be discussed in form of reports and meetings.
This can be for financial plans, risk management analysis, legal and environmental analysis, sale and marketing identifications. Thus, all the company’s major features can be easily discussed through the VDRs. It increases the company performance for enhancing and calculating perfect data without human errors and corruption. It reduces the company expenses by saving all the documents on the virtual data rooms.
Benefits while using VDRs:
As mentioned above about the VDRs, they provide efficiency and usefulness for any industry in data saving and analyzing. Some key roles that VDRs play are as follows:
- Handy tool for sharing of companies secret information and documents to related responsible person.
- It will guard the company personal information.
- Managing the data and enhancing the security
- It can give permission to different concern parties while sharing the information at same time.
- Manageable through smart devices just on one click in your palm and you can see all you want about your company rather wasting time to go to data room and searching different files.
- It can store large number of data without any problem
- Precise and accurate in giving information.
When you are a IT company and you have no physical documentation room then you pick the facility of VDR, most business mans, suppliers, and managers uses this technology to increase the efficacy of their businesses and firms.
Who can use VDRs and where: (2)
In the modern day technological advancement and trend of online marketing increase the value for the virtual data rooms, the company like Amazon is best example that uses VDRs because it is doing more than 70 percent business through virtual data rooms without having the major retail stores. There are so many purposes for which they can use the VDRs such as:
- M&A– it is situation of a company in which they are sharing the major documents and information with other potential teams such as major buyers and sellers, the company use VDR as a platform for doing their businesses.
- Fundraising- for the purpose of collecting the funds and contacting the potential investors companies use the VDRs because company shares the confidential data with specific investor in order to be funded by them.
- Strategic partnerships– it is use between two stalk holders about the inside planning and forecasting so that’s why VDR play important function.
- Board Communication– in the meetings and discussion of the board of directors of the company sharing the secret documentation and ideas in order to protect the information Virtual data room is useful.
- Secure file sharing: The VDRs have the ability to store unlimited data like the projects documentations, figures, Research reports, presentations and videos etc. for protection and make available all data in just seconds.
At the manufacturing industry site these VDRs are helpful in such a ways are as follows:
- Manufacturing- it will be handy in the design formation and finalization of the product data after the analyzing given data.
- Industry Usage– In an industry there are so many operations are running and manage by different departments with different approaches that are costly and time consuming such as at input level(labor, hours, energy and material) to the output stage of ( intermediaries, finish goods and distribution channels) this can easily done through the virtual data room using artificial intelligence.
Other uses of VDRs include the life sciences, investment banking, immoveable property, risk capital, accounting and audit companies, and legal industry.
Major providers of Virtual Data Rooms:
Six major IT companies that provide facilitators of VDRs globally are given below:
- Deal-Room: this is the number one provider for the virtual data room by its technological features and excellent performance that allows a great M&A experience. It gives you the facilities of data storage, data tracking, and best meeting secure environment, this encourage the user to work without any copyright issues.
- Google Drive: this is the second best option that gives the services of VDRs as it has the cloud storage extra feature that allows the customer to store the data and office documents with security and usefulness. If you are using the service of Google Drive, without paying anything, you can use general 15GB of data storage for your personal profile such as photos, videos and documents but it is insufficient to meet the functionalities of the financial data analysis.
- Firm Room: it is the third in the market giving the VDR technology with innovative idea generation capabilities. This is user-friendly and specially designed for the professional employees such as managers and board of directors involve in the financial assessing and data management. The cost for this room for an individual starts from 250 dollar per month that allows unlimited amount of data storage and administration work.
- Merrill Virtual Data Room: this shares the same spot as the Firm Room with high security and specially designed strategic and organizational goal setting adaptability. It will take 15 minute in giving the best available result out of provided data. This software has different packages for administration level and limitation according to the set criteria.
- Share-File Virtual Data Rooms: this is 4th best option in this model and its most unique factor is that it gives the 256-bit SSL encryption for the customer reliability in file sharing. It has the capacity of real time collaborating feature that allows you to do approvals for your documents, electronic signature collection and conducting customer feedback.
- Secure-Docs Virtual data room: on monthly subscription this software is very handy in its options, it gives you the services in watermarking, permission-based functions for the users, audit reporting facility, built-in signature quality and many more. It has the high security and elegant manageable featuring that appeals the customers.
Cost of VDRs:
VDRs are usually available in three different types of per usage criteria: Per GB/TB and Fix monthly subscription facility. VDRs cost around 100- 200 dollars to the customers for administrative purposes. On per usage of GB/TB, it charges $80-100 for one GB/TB while flat monthly fees with 5 user option.