Virtual data rooms are, at their core, versatile online databases. They are most commonly used by organisations that deal with large amounts of documents and data.
These rooms allow for the secure storing, sharing, and tracking of confidential documents, but that’s far from the only reason they’re becoming increasingly vital. In today’s blog, we’ll be breaking down the ways in which virtual data rooms can help your business.
Retention of Documents
For the most part, paper documents are a distant memory, and for good reason. Compared to the technology that businesses have access to today, keeping any amount of confidential information on paper is a lot less reliable. The chances of that information getting lost, copied, or falling into the wrong hands are far greater. It can also be a liability when it comes to organisation, and scouring filing cabinets just won’t cut it when your business reaches a certain size.
A virtual data room lets you store any amount, and any type of documents, securely. Legal documents, financial documents, archives, reports, employee data, intellectual property; everything can be backed up, and there are multiple layers of security, so you won’t need to worry about your documents being lost or getting corrupted.
Saves on Costs
Savings on costs is one of the most obvious advantages of virtual data rooms. If everyone in your company can use your data room, that essentially means your employees can do their job at home, or anywhere in the world. This will not only allow for the further expansion of your business, but will also mean you can reduce your expenses; hiring an employee to work from home tends to be far more affordable than hiring one to work on location.
Virtual Data Rooms Require Less Admin
A real-life data room requires an endless stream of paperwork. A clerk or administrator would be tasked with filing documents, photocopying them, sharing them with stakeholders, and painstakingly keeping everything organised.
A virtual data room, on the other hand, eliminates paperwork altogether. What was once tedious labour can now be executed with just a few clicks. Data rooms make it far easier to organise your documents exactly how you’d like them to be organised, meaning there’s far less chance of something going wrong due to human error.
When it comes to acquisitions and mergers, virtual data rooms are crucial. There are naturally a lot of documents involved in these processes, and a data room would simplify the organisation of those documents. Stakeholders would be able to look at and analyse important documents remotely, whenever and wherever they are. A virtual data room also provides your investors or partners with total flexibility, making them more likely to see your business as a reliable one.
Looking for an easy-to-use virtual data room to reduce the risk of data breaches? Book a demo today to find out why Engage by Perivan could be crucial for your business.