What is a virtual data room (VDR)?
With the globalisation of businesses and the shift towards home working virtual data rooms (VDRs) are becoming more attractive alternatives to physical data rooms. But what exactly is a virtual data room? The VDR is the next generation data room. It is an online storage space which is used as a repository for company’s data. It is a secure way to store and share confidential company’s information and allows immediate access to parties from any part of the world.
The benefits of a VDR
As we live in a data era where security and privacy are main concerns and there is an increase in breach incidents virtual data room providers are developing more sophisticated and reliable databases. The nowadays used VDRs are more secure than physical data rooms because there is no risk of loss of documents or leakage of confidential information. There is instant access to VDRs for multiple people simultaneously. Besides, VDRs offer streamlined and optimised processes, reducing the paper workload involved in negotiations and the overhead costs, clutter and waste. Also, many VDRs support mobile devices and are pretty much customisable, allowing the admins the flexibility to choose what kind of access level to provide to every involved party. A VDR is perfect for any business that wants to make their document sharing more efficient, enabling companies to upload high amounts of data and search through it precisely. The use of VDR creates a structured and transparent environment where there is no need to chase down signatures and can create watermarks just with the click of a button.
In which industries are VDRs usually used?
The mentioned benefits of VDRs make them applicable to a range of industries and situations. VDRs are typically associated with the financial services sector, particularly M&A, asset management and joint ventures. In M&A virtual data rooms are used especially during the due diligence stage. There are too many documents with confidential and sensitive information involved in M&A transactions which need to be accessible to many stakeholders such as buyers, sellers, advisors, etc. Using a VDR is a safe and reliable way for all parties to exchange and review documents, saving time and money.
The intuitive use and organised structure of VDRs make them appealing to a wide variety of businesses such as real estate, law firms and consultancies. Communication transparency and integrity of the documents is not a hustle anymore for these businesses.
What does Ruby Datum have to offer?
Ruby Datum is a very simple and intuitive VDR with a user-friendly interface and features like Q&A tool, text recognition, document watermarks and advanced user permissions. One of the main aspects that sets Ruby Datum apart from other virtual data rooms is the customer friendly pricing model and the text recognition system which allows you to search through up to millions of documents in an instant. No more hidden fees and painful integration. Ruby Datum has user experience and performance at its heart with 24/7 support and a dedicated developer right by your side every step of the integration process.
If you are keen to bring your data management to the next level, read the testimonials of our clients and decide for yourself.
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Categorised in: Legal Tech