3 Reasons You Need a Virtual Data Room
The top performing businesses in 2016 will perfect the art of connection — in fact, this economy has been labeled the Connection Economy. Consider the largest “taxi company” doesn’t own a car (Uber); the largest “hotel chain” doesn’t own a building (AirBnB); and the largest “media company” does not create any content (Facebook).
However, as much as the models change, the art of business remains: create a necessary product or service and deliver it to the customer. Larger businesses tend to offer more products and services to a wider customer base.
Whether you’re a small business discussing terms with clients and suppliers or a large business negotiating mergers and acquisitions, you must come to a decision — a contract of sorts. In days gone by, these were spoken agreements, confirmed with a handshake. Later, these evolved into written promises marked with signatures.
But what if your associates or partners are in another state, another country, another continent? How do you get everyone to “come to the table” when there is no table to come to? How do you share pertinent and proprietary information in geographically separated offices? Where do we go to “close the deal?”
Welcome to the Virtual Data Room (VDR).
Essentially, a VDR is an online repository that allows you to store and share vital business documents with specific recipients (e.g., clients, business partners, lawyers, auditors, etc.). You are in control of who gets to see what and for how long.
Why does your business need a VDR?
- Security: As an online “room,” VDRs employ significant safeguards to protect your business and the data you’ve been entrusted to store. VDRs go beyond traditional cloud storage security levels (used for photos and public information) because your data demands it — especially when you’re involved in pharmaceutical trials, legal transactions, and mergers and acquisitions. Not only are the rooms secure, but the individual folders and documents may be further guarded with additional protections.
- Accountability: You can tag files and documents for activity, receiving email alerts to follow reports or audits as they go through editing phases or milestones. This helps with version control and informs you of who has control of the document at any given time.
- Efficiency: Whether you’re storing your essential files in rows of file cabinets or rooms of data servers, you’re wasting precious real estate — which equates to unnecessary costs. Make the move to a VDR and then convert or sell off your storage space.
A VDR helps take your business to the next level and offers you the opportunity to interface securely with clients, suppliers, and partners regardless of location. Convenient, secure, and efficient, VDRs propel your business and free you to move forward and faster.
If you’re ready to explore a VDR solution, FileFacets can help you find, shrink, and port your files to the VDR environment. Our product works as the only ECM enhancement solution available as Software-as-a-Service (SaaS), making deployment easy and cost-effective.