Are you still taking up space in your organization to house all of your company’s proprietary data? Do you have rows upon rows of filing cabinets in storage rooms that you would love to see cleared out to improve your company’s productivity and gain control over your data? If so, you are gearing up to make a transition that many of today’s leading companies have made, transitioning a Virtual Data Room (VDR).
A VDR solution provides a virtual, online space that serves as an online repository of your business’s key documentation. Companies will typically use these data room services to share their critical business information with company leadership, potential investors or acquirers, and clients within a secure and controlled environment.
While this transition requires some investment of time and money, the benefits of doing so extend beyond just freeing up your extra office space.
Benefit #1: Ease of Access
In today’s “always connected” world, the use of a physical storage space just doesn’t make sense anymore. With a virtual data room, critical documentation becomes accessible regardless of your physical location. The ease of controlled electronic access increases productivity and allows your company to securely share documents with partners and outside parties while minimizing the risk of data breaches.
Benefit #2: Reduced Overhead
Although using a data room as a corporate repository initially requires an investment of time to convert documents to a digital format the long-term benefits are undeniable. Going paperless not only reduces overhead by significantly lowering the costs office supplies, it also provides greater continuity in the event of a disaster, insuring that all crucial company and client information is secure doesn’t need to be recreated or replaced.
Benefit #3: Improved Due Diligence
VDRs allow multiple parties to complete due diligence at once. During M&A or fundraising decision-makers can securely review sensitive documentation in a controlled environment. Using features like keyword searches within the documents, these individuals are able to quickly process information, expediting the transaction. Additionally, a VDR allows companies to remain prepared for multiple rounds of diligence without additional preparation, improving the overall process, and helping you get deals done.
Benefit #4: Increased Transparency
VDRs help you to understand your clients, and investors better. For example, when granting access to documents in a VDR you gain access to all of the activities regarding that document. You will have access to when the document is reviewed as well as what time and how frequently. This information gives you a tremendous amount of insight into the level of interest of an individual, giving you the ability to approach the transaction strategically.
In addition to these benefits, a SecureDocs Virtual Data Room is a safe solution. With our services, you are equipping your organization with the highest level of security available. Two-factor authentication, permission-based controls, and activity alerts are just some of the features you can rely on to ensure the protection of sensitive company information.