Nowadays, in this age of technology, sharing documents through generic file-sharing sites such as DropBox or Google Drive has become a normal part of our lives.
However, for businesses or large companies, sharing documents that may contain the company’s financial, legal, or procurement information through these sites may not be the best thing to do.
Therefore, you’ll need a virtual data room. Most companies are now investing in a Virtual Data Room Service because of the benefits that come with it.
In this article, we’ll mention four top reasons why investing in a virtual data room is beneficial.
1. It ensures easy access
Let’s assume that you’d like to welcome international investors into your company.
Before we had these virtual data rooms, these prospective partners would have to travel from their country to a physical data room, book an appointment with your physical data room, and then access the documents.
In recent times, this is no longer the case with a virtual data room. The prospective investors can view the document using the VDR from miles away.
Meaning, these services make it easy for one to access the documents without having to travel.
2. Ensures safe sharing of a document
If you want to send a document to an investor, using generic file-sharing services may not be secure. Why is this? The sender may send the file to the wrong recipient, making your company’s most sensitive information vulnerable to public access.
With a virtual data room, you don’t fear exposing sensitive company information to the wrong document.
The services allow you to share the documents safely with the investor within your control and discretion as to the administrator.
3. The virtual data room ensures exclusive control over the document
When you use generic file-sharing services, once you share the document with the intended recipient, he or she might change so many details as long as you lift all the limitations.
On the other hand, if you decide to use a reliable virtual data room, you remain as the administrator, and you can control things such as:
- Enabling or disabling printing
- Enabling and disabling download
- Adding dynamic watermarks to avoid duplication
- Ability to set expiration dates
4. Virtual data rooms are easy to use
One common problem that most businesses face when using generic file-sharing services is sharing large documents with their investors, partners, and other essential stakeholders. It becomes challenging to use these documents while on these platforms.
However, when using a trustworthy VDR, this no longer becomes a problem. You’ll be able to organise files, edit, and track changes in the document easily.
The involved parties will find it easy to review these large documents without any problems and delays.
Every business is unique. And if you’d like a safe space to store critical documents for your business, using a VDR is the best solution.
You may have to invest a bit more, but you can be sure that your information is secure, especially when sharing sensitive information with these tools.