When it comes to data security, there are very few options on the market that definitively get the job done. One such option is a virtual data room. It is a cloud-based solution that helps companies with data and document storage. What differentiates it from other similar solutions such as Dropbox or Google Docs is that it is completely secure. Unlike these cloud-based solutions, a virtual data room is stored on an extranet. This means that it is stored on a private server and is only accessible to people who have access to that server. This is pretty much the opposite of the internet, where all websites are publicly available and stored on publicly available servers
While this certainly has great implications for data security, it can also be used for dealmaking. In fact, this is where a virtual data room can be turned into a virtual deal room. In this way, the software solution can be used as a secure solution where companies can collaborate when making deals. With that in mind, here’s what you need to do to use a virtual data room as a virtual deal room.
Control Your Data
As stated above, one of the key uses of a virtual data room is using it a virtual deal room. This is because when making deals, it is of paramount importance that all of the data involved in the deal is controlled. This include any corporate documents or financial records that need to be kept confidential. To do this, you can require that all people who access the documents in question sign NDAs before they are allowed to access certain documents.
Expediate the Deal Process
One of the best reasons to use a virtual data room as a virtual deal room is to speed up the deal process and make everything more efficient. This can be done in several ways. For one, a virtual deal room allows you to seamlessly drag and drop or scan all uploads. This makes the documents protected on the extranet the second that you upload them, and then they can be immediately deleted off the original device. Additionally, the audit log feature of a virtual deal room allows you to view all data room activity with data stamps. This can allow you to gauge interest in how thoroughly the other party is reviewing the required documents during a deal.
While there are certainty other ways that a virtual data room can be used as a virtual deal room, there is one thing that cannot be denied. A virtual data room is the most efficient and most secure way of making deals, especially with deals that involve a lot of documentation or moving parts. Understanding this is key to pulling off deals, particularly if you have multiple deals in the pipeline at once. Ultimately, there are other solutions on the market that can help with making deals, but a virtual deal room is a key solution that should be heavily considered when both security and time are of the essence.