Data governance tool: The virtual data room

A virtual data room is a program that can be used for various tasks. Its main advantage is that all your data is safe, and managing it is easier than ever.

There are many industries where virtual data rooms can be applied: medicine, healthcare, resource extraction, consulting, industry, etc. So what can VDR be useful for?

Strategic planning

With the help of the virtual data room, you can carry out strategic planning in your company. Most services have convenient tools for fixing plans for different periods. For example, you can select planned events for a week, a month, or even a year in advance.

Achievement of work goals

Having plans is great, but it’s even better if you can control their achievement. There are special sections in virtual data rooms for this. They call it dashboards. Here each employee receives his plans for the near future, allowing him to regulate work and distribute his working time competently.

Internal and external audit

Even the most successful business can have flaws and weaknesses. And the larger and more successful your company, the harder it is to find and fix these problems. An internal audit does this. And the virtual data room is perfect for auditing. Here you can collect all the necessary documents, invite third-party experts to get acquainted with them, and so on.

Also, virtual data rooms are actively used for a process called due diligence. It is necessary if the sale or merger of the company is started. The investor or second company is looking to evaluate how profitable the acquisition of your company will be for the business.

Access settings for different employees

One of the problems of large companies is the leakage of information. This happens because all employees almost equally have access to files that belong to the company.

The Virtual Data Room helps protect your business information from unauthorized access. You can independently restrict who can view certain folders with files. For example, some users get the right to only view documents, and some – to download or edit.

Work with documents in a secure environment

Security is an important aspect of a company of any size. VDRs compete with each other for the coolness of data protection technologies. Internal integrations with various services allow employees of your company to work with files inside the room and then save them there. This greatly reduces the risk of data loss.

Online meetings and chats

Virtual data rooms have long had the same options as board portals. This is necessary to negotiate without interrupting your work, engage in correspondence with colleagues and not worry that someone will break into your correspondence and steal information.

Flexible functionality settings

You can always contact the developer if you feel like a feature is missing from your data room. Providers are willing to meet customers from large enterprises, inventing their solutions in the field of virtual data rooms.