Select a Virtual Data Room – Things to look up to!

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Select a Virtual Data Room – Things to look up to!

You want to buy a virtual data room but you are uncertain since the virtual data room market is very wide? Don’t worry, we got you. This blog will explain to you the essential features of a virtual data room. Further, you will understand the challenges that can be thrown at you and how DCirrus is the solution to all those challenges. By the end of this blog, you will be certain as to which data room provider you want to pick and you will see clearly why DCirrus is the best data room provider in the market.

Essential features of a virtual data room:

Before we get to the essential features of a virtual data room, let us understand what is a virtual data room? A virtual data room is a cloud-based storage system. It is exactly like a physical data room, except this is a virtual room. Just like a data room, you will be able to store your documents in an organized manner.

Related article: What is Virtual Data Room

The advantage of a virtual data room over a physical data room is time and energy efficiency, ease of access, and easy transfer of files. Virtual data rooms are also cost-efficient. The following are some of the essential features of a virtual data room:

Virtual Data Room For Security:

Virtual data rooms are predominantly used in merger and acquisition deals. This means sensitive data will be stored in these rooms. A data room needs to have the utmost security. Multi-level authentication and verification, encryption, watermarking are some of the mechanisms employed for the security of the data stored. When you purchase a virtual data room, make sure you choose the one with the highest security.

User friendly:

It has to be kept in mind, the personnel working on the merger acquisition deals will not have time to understand and work with complicated software. The interface must have to very user-friendly. One of the major reasons companies prefer virtual data over the physical data room is convenience and simplicity. If the interface is not user friendly, this whole purpose is defeated.  Therefore, the virtual data room has to be user friendly.

Updated software:

Technology is ever-evolving. This means there will be frequent updates in the software. A data room should be able to accommodate such updates. If it does not, using the data room is a hindrance. For example, if the data room is not updated and some third-party software is updated, this will not be supported by the software. Therefore, a virtual data room should be updated as to when a new update is available.

Discussion forum:

Several personnel works on merger and acquisition deals. There is a probability that some of them will have to work outside the office premises. In such circumstances, communication becomes a little bit difficult. If the data room has a discussion forum or a Q&A section, communication is made easier. This is extremely helpful when some of the doubts. This can be clarified by posting these doubts on the forum and they can be clarified immediately. This saves time and is convenient.

Virtual Data Room For Tracking:

When such deals take place, documents are transacted back and forth. And further, since several people are involved, the documents are transited a lot. Therefore, tracking documents is a very essential feature. With the help of this feature, the admins will be able to track the document transactions. This will help in identifying the misuse of the documents if any.

Virtual Data Room For Easy file upload:

Virtual data rooms are used when enormous data have to be stored. The data room should allow uploading several documents at one time. Previously, there was a limit on the number of files that can be uploaded at once. Now, with the advancement of technology, data rooms have widened their limit. For your convenience, it is easier if the data room has a drag and drop feature. This makes the process of uploading files faster and easier.

Smart search

Since enormous data is stored in a data room, finding a particular document will be difficult. Therefore, the data room must have a smart search feature. This makes every document one click away.

Monitoring access

The key feature of a virtual data room is that the admins grant permissions to access the documents. The admins are generally, the managerial personnel, partners, and so on. A good data room will allow the admins to monitor who is accessing the data room, what documents they are accessing, and what are they doing with documents. This reduces an internal slip greatly, which in turn reduces the risk of a data breach.

Customizable plans:

A data room provider will have several features that they provide. However, not every business will require all the features or they might require some additional features. The data room provider must have flexible plans. The plans should accommodate the requirements of the business.

Virtual Data Room Challenges:

Different sectors of the business sphere faces some of the following challenges.

Virtual Data Room For Start-ups:

Start-ups are an essential part of economic growth. They definitely cannot afford data theft. Data theft has legal consequences that lead to economic and reputation loss. Therefore, the major challenges that start-ups face are concerning privacy and security.

Virtual Data Room For Small and medium enterprises:

Small and medium enterprises (SME) are generally businesses that employ around 250 employees. They will require all their transactions on one platform. Bus cost is a major concern here. The cloud storage system will have to be cost-efficient, at the same time, give them all the advantages.

Virtual Data Room For Lawyers and law firms:

Securing data in the legal sector is vital because the information in the documents may be sensitive/ personal. A lawyer swears confidentiality when he signs a client on. The major concern of the legal sector is confidentiality. The confidentially of storage and transaction of data is the highest priority

Virtual Data Room For Accountants and accounting firms:

Accountants and accounting firms store and transact documents about tax, audit, and so on. These documents are highly sensitive.  An accounting firm cannot risk data theft. A data theft will bring legal consequences to the firm and destroy the reputation of the firm/ accountant. Therefore, the major concern of accountants and accounting firms is the privacy and security of the documents.

Virtual Data Room For Corporates:

Corporates predominantly make use of virtual data rooms in merger and acquisition deals. These deals include enormous files and documents relating to tax, audits, sales, purchases, salaries, and so on. This is highly sensitive data and needs the protection of multiple levels. Further, until the deal falls through, the details will not be available to the public. This requires extra security. For time and energy efficiency, the data room has to be user friendly and must contain management tools.

DCirrus is the ultimate virtual data room solution:

The above-mentioned are just a few of the challenges that many businesses face. These challenges are common to anyone who uses a cloud storage system. Let us now understand how DCirrus checks all the items on the checklist and provides a solution to all your problems.

Confidentiality:

The major concern for any user is the confidentiality of the virtually sorted documents. One of the essential features of a good data room is high security. DCirrus provides 256-bit encryption, automatic file delete option for retention purposes, multi-factor authentication and verification, watermarking, device security, and remote wipe. This makes DCirrus the data room provider with the highest security. Using Dcirrus, you will have the utmost privacy.  These are some of the security features that we provide. Browse through the rest of our features here: https://dcirrus.com/

Accessibility and tools:

The Dcirrus interface is very user friendly. Further, we at Dcirrus are ever ready to help in case you face any sort of difficulty. The admins will be completely aware of what is happening with the documents. We provide case management features for lawyers and law firms. A discussion forum is available in our data rooms. There is a smart search option which makes looking for documents is simple. Uploading documents is convenient, you can upload a large number of files at once and further, for your convenience we have the drag and drop option.  

Cost-efficient and flexible plans:

We provide data rooms at very affordable prices. Our plans are very flexible. You can customize your plans according to your requirements. We provide ideal plans for any business. Our data rooms are ideal for startups also. We understand everyone needs privacy and therefore, we provide the same at a bare minimum cost.

In conclusion, DCirrus is the best data room provider in the market. Dcirrus checks every item on your checklist. The distinguishing factor is the privacy we provide. Unlike other companies, we don’t have access to your data. We ensure your security and privacy. We help you manage your files and make sure you can access them easily. All of this at a very affordable price.

Choose Dcirrus and say goodbye to all your problems!