Data is essential to any and every business, from healthcare agencies to real estate agencies, law firms, beauty companies, and more. Good data empowers such organizations to make better decisions and increase client and customer retention. Some businesses store their records in data rooms that only specific individuals can access. Physical data rooms, however, have some drawbacks to them.
For instance, paper files can decay due to time or environmental aspects like dust, moisture, or liquid spillage. Another downside, physical data rooms may be obsolete as computer technology improves. To streamline your business and keep your sensitive documents safe and easily accessible, consider switching to a virtual data room (VDR). Keep reading for tips when choosing the most suitable virtual data room.
Compare the virtual data room capabilities offered by VDR providers.
Virtual data rooms are more than just digital storage spaces. The idea of digital storage might make you think of online folders like Dropbox or Google Drive. The truth is, they aren’t as robust or secure as VDRs. With a VDR from a reputable VDR provider—like Caplinked, an industry leader in the virtual data room space—you can save, share, edit files, and collaborate. Moreover, you can also complete more complex operations like executing capital raises, asset sales, investor and board reporting, and navigating M&A deals and due diligence processes.
Choosing the robust platform offered by this provider enables you to equip your business with the document management, fundraising-boosting, and collaborative features needed to complete audits, due diligence, and other processes involving authorized third parties efficiently. You’ll be able to do so from any device without compromising confidential data. Ultimately, considering the many business processes that require accessing and sharing sensitive data, it’s best to go with the VDR that offers the most capabilities and security features. Doing so ensures you’ll have a practical, secure virtual data room.
Find the virtual data room provider that gives you full control of your data.
The best virtual data room guarantees your data won’t fall into the wrong hands. A secure VDR enables data encryption, watermarks, and access controls that empower you to keep unauthorized third parties from retrieving confidential data and sensitive documents. As the primary administrator of the VDR, you’ll have full access to files and control over user capabilities. You’ll be able to grant access to other team members and clients in situations where they need corporate records and company financials.
For example, project managers may need to upload, download, view, or edit intellectual property. Accountants may need to view audits, company financials, and more regarding financial transactions. Consider having new users sign a nondisclosure agreement, customize their access levels according to their needs, and remove the permissions when their automated interactions through the VDR are complete.
Select the virtual data room with the most excellent ease of use.
Last but certainly not least, it’s essential to keep in mind that the most fitting virtual data room is easy to use. Caplinked VDRs are user-friendly and designed to help streamline workflows. You can experience fast upload speeds on this platform, allowing you to locate files quicker and more accurately than you ever could in a physical data room. Choosing this provider means accessing your data room from any browser—eliminating the need to download plugins and software that require upgrades that could compromise your data.
Through customized team training from customer success management, you and your team members can learn how to upload and download files and monitor document activity. This efficient training process teaches you how to set and revoke user permissions and even remove visibility and accessibility from files users have already downloaded. Prioritize ease of use when seeking a VDR, as ultimately, VDRs intend to work in your favor and optimize your business, not work against you and overcomplicate everything.