Currently, you can find a lot of software technology such as a data room VDR solutions on the market. They may differ in terms of offered features, price, level of customer support, etc. Below, you can check three of the most widely-used virtual data room solutions. You can use them in any business sphere regardless of its type of scale. Check the info below to make the right decision.
1. iDeals
This provider has been operating since 2008 and still occupies a leading position in the VDR technology market. This solution is popular in most industries, but it is most often used by investment banking companies, licensing organizations, and real estate agencies. The main reason for its popularity is the simple and intuitive interface. It is not overloaded with control buttons, so you and your colleagues do not have to get used to it for a long time.
From the moment of registration to the full deployment of the virtual room functionality, it takes no more than 20 minutes. At the same time, you do not need to have deep technical knowledge for this. The platform allows you to work simultaneously with a large number of files of various formats. When uploading, the data room software automatically assigns watermarks and numbers to all files.
With iDeals, you can choose from a variety of security protocols. Thanks to deep customization, you can be sure that your corporate, financial, and other data is securely stored and not subject to leakage. Thanks to detailed reports, you can conduct analytics, track changes in the data room, and see who is logged in and how much time is spent on the platform. In addition, the service is available on any mobile device, making it ideal for working on the go.
2. DealRoom
DealRoom is a handy tool that helps bring all project participants together in one controlled environment. VDR allows you to perform due diligence operations in complete security. You can easily cooperate with third parties by granting access to specific documents. VDR allows you to work with most of the available file formats and download them in unlimited quantities.
The revolutionary feature of this data room provider is that it uses machine learning, which simplifies the execution of the same type of tasks and reduces the number of errors.
3. Clinked
Clinked is a modern cloud-based collaboration solution for any project. With its help, you can unite all team members in a single environment, carry out control, keep a logbook, collaborate with third parties, and much more. The Clinked client portal itself can be modified and labeled according to your needs. The provider offers to use both the web version and download official mobile applications for Android and iOS.
The platform provides an advanced level of security that supports 256-bit data encryption and customizable SSL certificates. With two-factor authentication and role-based access, you don’t have to worry about information leaks or unauthorized access to files. Also, this solution offers integrations JotForm, Google Workspace, and more.
Key VDR Features
Each electronic data room solution has basic and additional features. The main of them are provided in the list below.
Basic Features
| Security | Using VDR, you should not worry about possible leakage of critical information. Most VDR solutions implement 128 or even 256-bit encryption keys and SSL protocols. Also, admins can use the role-based access option, which is crucial while cooperation with third parties. |
| Analytics | Using online data rooms, you can collect information about different work stages, create detailed reports, and form special logs. It can significantly simplify the work process and analyze mistakes to avoid them in the future. |
| File management | Up-to-date VDRs allow you to operate with most existing file types. You can quickly upload, download, and change documents. |
Advanced Features
| Task management | With this option, you can assign tasks to individual VDR room users. This helps you stay organized and make sure everyone knows their responsibilities and tasks. |
| Smart search | With this tool, you can search for the information you need among thousands of files. At the same time, the system shows you a preview of the document before opening it. |
| Integrations | Using this feature, virtual data rooms help you prioritize and assign the order in which tasks are to be completed. |
Who Uses VDRs?
Though virtual data room is a widely-used software, there are business areas that can not stay competitive without this solution. Some of them are listed below.
- Corporate development. When companies grow, they often face the need for a solution that can help structure data and establish interaction with all members of the company. In this case, VDRs allow you to identify trends in big data that might have been implicit before.
- Technology. Technological intelligence has always been directly related to large amounts of data that must be securely hidden and transmitted safely. VDR technology helps cope with this task in a short period of time and over any distance.
- Private Equity & Venture Capital. Private equity and venture capital firms manage multiple deals at once. This increases the load, and conventional file storage may not be able to cope with this task. Data room services, in turn, help to structure data, prioritize, and plan tasks. All this can be done from anywhere in the world using only a mobile phone.
- Investment banking. In this case, data security comes first as a priority. As a rule, VDRs are used in IPOs, capital raising, mergers and acquisitions, etc.
Benefits of VDR Solutions
These are the main plusses of using the VDR solutions:
- Save and quick sharing data.
- Ability to get access from mobile devices.
- Support any amount of most file types.
- Ability to coordinate a lot of VDR users at the same time.
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