The market for virtual data rooms is growing rapidly and is not going to stop shortly. More and more companies of different sizes and industries are moving to use this platform, and there is no denying that today VDRs are a very relevant tool. They came to us back in the 2000s, but only in the next 10 years came into use, and all because VDR providers began to produce more progressive versions of the platform, matching their services to the needs of the modern audience. In this article, we’ll talk about the major recent improvements in VDRs.
Slowly, our world is digitizing almost all workflows, so it makes sense that security is taken more seriously than ever. This is now one of the most pressing issues among entrepreneurs; they want the place where their confidential data will be stored to be securely protected. A virtual data room can give them everything they ask for.
VDR developers understand what a data breach might entail, so the best ones use a variety of security features, from general space scanning for viruses to restricting file access and data encryption.
With these features, you can set permissions to use the file, prohibit printing, copying, and screenshotting, and allow only reading by one, but allow notes and comments by other users. This is especially useful during the M&A and due diligence process when you add temporary users to your space and want to secure your documents from unauthorized tampering.
Basic security features of modern VDRs include two-factor authentication, customizable permission, and encryption.
Artificial intelligence activity is still evolving, but it has already been implemented in some data rooms, and it’s working well. AI helps entrepreneurs deal with the large volume of documents required during the transaction process. This tool helps you save time searching for the right documents and helps make sure that everything was done as cleanly as possible.
The AI also helps you with file linking, or rather it does it for you. If you want to find a document but don’t remember its name or only certain key phrases, the AI can find it using the full-text search function.
Full control and monitoring of processes is another aspect that business owners love about the data room. With this feature, you can track the actions of any user and even see the exact time of his entry, exit, his activity in the document, and how much time he spent viewing it. This is very useful not only for security purposes but also in negotiations.
For example, because you can see which document your potential customer viewed the most, you can understand what is most important to them. With this knowledge, you will be able to facilitate the process of making a deal, because you will be aware of the wishes and needs of your client.
Downloading a file by drag and drop
Some PC programs allow you to upload files one at a time, but modern VDRs have a bulk upload feature and drag-and-drop features that greatly reduce the time it takes to structure your data room.
Some vendors also have an automatic indexing feature that numbers files as they are uploaded and makes your management within the program easier.