If you’ve never heard of a virtual data room, then your office is likely still cluttered with giant file cabinets. Despite the advent of the cloud, some offices are still filing papers the old fashioned way and dealing with the usual filing problems. Anyone who’s worked in an office before the last decade knows how file cabinets can sometimes become a black hole that loses important documents, usually due to a misfiling by someone careless who didn’t adhere to the alphabetical filing system.
Ever since the cloud became a vital part of technology, the chances of storing vast amounts of data online has increased in importance. With more environmental awareness about wasting paper, a virtual data room might be the most critical investment you make for your business. They also rival another form of online document system: Generic file sharing programs.
You’ll see why a virtual data room is superior in being able to provide you privacy while also saving money.
Virtual Data Rooms are Made for Sensitive Documents
The most significant difference between a generic file sharing program and a virtual data room is the security aspect. Even though Google Drive provides a popular file sharing system, it’s been noted by the media that the program has lax security features as well as occasionally mysterious shutdowns. Virtual data rooms are made with security in mind for overly sensitive documents from law firms or during business mergers.
That’s because those virtual rooms have limited accessibility in viewing any documents. A log-in password is going to be required, plus controlled access by an administrator so there isn’t any chance of security breaches. It’s through strict permissions and the use of the cloud that allow business deals to take place without initially needing someone in the room.
The Convenience and Security of Viewing Documents
Someone living miles away who needs to view those documents can be given a password to log in and see them at any time. During legal cases, this can save considerable time having to meet face to face with clients to see important legal papers. It also eliminates a lawyer having to stuff his briefcase full of endless documents that used to be a recurring practice.
The same applies to earlier-mentioned business deals where contracts and other business forms need to be read. A transaction can happen much sooner thanks to a company being able to have someone involved in a sale viewing critical documents from afar. Thanks to the cloud, that person can be halfway across the globe and view them with the proper log-in credentials.
Companies that create software like virtual data rooms also provide outstanding organizing features to ensure documents never get lost. Through document indexing and batch filing, you can properly store all those documents in detailed ways so they’ll be easy to retrieve later. The indexing allows multiple fields to fill out so you can have a better description for the file other than going under the alphabet.
With batch filing, you can scan and file large amounts of files all at once. It finally takes away the exacting task of someone having to file hundreds if not thousands of files into manual file cabinets that take up too much space.
A virtual data room may end up providing plenty more space for offices before the end of the decade. While the desk or cubicle hasn’t gone away yet, you may be around to see the new era of chasing a digital paper trail rather than a physical one. Unless documents are deliberately deleted, it’s going to make documents more accessible to quickly prove things and create more efficiency.