As the world moves ever-deeper into an era of all-things virtual, it’s hardly surprising that the virtual dataroom has become something of a must for the modern business. The days of utilising physical data rooms and on-site hardware for the storage and sharing of key data are over – cloud storage and access solutions are well and truly here to stay.
These days, to say that data is everything would be something of an understatement. There’s barely a business in operation that doesn’t rely on data…and plenty of it at that…to go about whatever it is that it does best. What’s more, this is something that’s only set to continue accelerating over the years and decades to come, further emphasizing the importance and value of the market’s very best VDR services.
Of course, there will always be those who take a little more persuading than others – as is the case with all major technological shifts that affect the business world. Nevertheless, when you really get to grips with the incredible advantages of virtual data rooms and the benefits they can bring the modern business, it’s almost impossible to dispute the idea as the clear way forward.
So with this in mind, here’s a quick look at five rather inarguable reasons why now really is the time to look into the idea of setting up your own business VDR:
- Document Preservation
First up, if you are still in the habit of producing and storing an extraordinary volume of physical paper documents, it’s worth considering the extraordinary convenience of going paper-free. For one thing, when it comes to document preservation there’s absolutely nothing that comes close to digital document storage. Paper has a nasty habit of degrading over time, whereas digital copies of key documents are permanent. Not only this, but paper documents are also vastly less convenient and demanding when it comes to storage, filing systems and a generally finding anything you want when and where necessary. With enough backups and a solid filing system, the VDR guarantees easy-access and 100% invulnerable documents.
- Accountability
Another enormously advantageous reason to make the switch to a virtual data room is the way in which it has the potential to work wonders for accountability. Specifically, when and where any authorised individual gains access to any data at any time from anywhere in the world and does anything whatsoever with it, a clear record is kept of all such activities. This in turn makes it uniquely possible to flawless track absolutely everything that happens with every last document and shred of data the business stores and utilises. Unsurprisingly, the same most certainly cannot be said for the conventional data room, nor the use of substandard file sharing programs and in-house systems.
- Access Anywhere
Moving on, what’s really great about the contemporary VDR is the way in which just as soon as the system is up and running, those with the authorisation to do so can access any or all of the data/documents stored from anywhere in the world using any connected device. There will always be times when investors, managers, stakeholders and workers in general need to gain a swift access to any given documents or data for a multitude of reasons. Actually heading into a physical data room is of course less than feasible in so many instances, accessing a private office network can be tricky from remote locations, but to use a VDR is to have total access to everything necessary, regardless of geographical location.
- Save Money
Something else to bear in mind is the way in which the ‘virtual’ nature of the VDR means there’s absolutely no additional hardware required to make full use of the services on offer. To set up a data storage, sharing and management system within any given business would mean shelling out for the required hardware, investing in the necessary software and subsequently fronting all essential maintenance and repair costs when and where they may arise. By contrast, to work with a quality VDR provider is to eliminate all such costs and responsibilities altogether, as all hardware and software is located off-site and accessed remotely.
- Backups and Contingencies
Last but not least, perhaps the single most damaging and detrimental reality any contemporary business can face is downtime…and of course data loss. It’s one thing to manage your own data storage systems and have basic contingency plans in place, but it’s something else entirely to work with a quality VDR provider who’s able to offer absolutely flawless backup and disaster management protocols to completely eradicate the threat of data loss and downtime. Suffice to say, a subscription cost is a small price to pay for this kind of peace of mind.
