Companies want to keep their files secure at all costs. In the past, they relied on physical data rooms for the convenience they had to offer. As time progressed and technology developed, the switch from analog to digital methods needed to happen. An immediate result of that change is a virtual data room — an online portal where you can store all your files, and you can easily access all of the data there. Physical data rooms had bodyguards to protect the documents in them, but that isn’t possible in completely digital space.
So, what are the 5 most important features of VDR software?
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Essential features of VDR software
1. Permission settings
Unlike traditional data rooms, data room software can permit certain individuals or even groups of people to view files. This reduces the risk of information getting into the wrong hands, and optimizes the workflow, as every person involved in the project gets access to the files that are directly related to their input. Of course, if someone requests viewing of a certain document, you can also enable that for them. With elaborate permissions settings, you have a much better grasp of what is happening to your documents, which leads to a better security system.
2. Q&A functionality
Operations concluded on the documents might pose more questions than answers. This is why the Q&A module is an important feature in a secure data room environment. Any problems and issues with the data held in that space can be noted and commented upon from the safety of the virtual data room. Through this action, you can notice what still needs to be done, and what is already worked on. Cooperation and understanding are important while addressing issues inside of the virtual data room space, and lead to greater security overall.
3. Support from providers
If you get along with your team on the roadmap concerning documents stored in the virtual data room, the only problem that might occur is software-related. If you have a good relationship with the support of secure data room providers, you will have a reduced risk of any of the documents leaking. The problem with the software solution might be connected to the provider, but it might also be caused by you or your co-workers. The support will assist no matter what was the cause of the problem, further improving the safety of the files stored within.
4. File version control
The ability to revert files to the old status of documents might seem like a simple and useless feature, but it does provide your business with additional safety. If you or a partner of yours made a mistake in a document and submitted this version as the outbound one, you could fix that by reverting the file to the original state.
This feature could also come in handy if there was a security breach somewhere in your company, and someone purposely changed data on a document. You can go back in time on the file, and make as if those changes never occurred.
5. Reports
The activity in your virtual data room is monitored by the software itself. After someone does some edits viewing the documents, you can see when they did that, and how much time did they spend on a document. Those statistics are important for keeping tabs on who sees what, and what kind of changes are occurring in the virtual data room. In case of a security breach, it is easy to pinpoint from which account the leak happened — and when.
Virtual data rooms are tools that help businesses keep their files secure and accessible to interested parties. Through security features like permission settings, Q&A functionality, and many more, you can control what happens in your virtual data room without having to worry about any document mismanagement, and this ups the security of your documents. Those kinds of features wouldn’t be able to exist in the real world, as the virtual realm enables a business cost reduction and the lack of a physical space to store the documents.
