Archives for the 'Virtual Data Rooms' Category
Virtual Datarooms - not just for lawyers
Virtual datarooms are most commonly associated with very specific situations such as the due diligence process during a merger or acquisition. However, virtual datarooms are much more versatile than that and can be of enormous benefit to any company with large amounts of confidential information that need to be stored and shared securely.
A virtual dataroom is essentially a secure on-line document management system that allows you to store and index its information securely and then locate and retrieve it as required. Looked at in that way, it’s clear that this is what most companies require to house their key information and make widely accessible - particularly those which have employees at different locations and different offices that could be in different countries and timezones around the world.
There are also major benefits to be had by giving the growing band of home workers and mobile workers access to the information they need for their work, not forgetting the large number of shift workers that have traditionally had issues with data accessibility. Increased productivity is one obvious benefit, so too is avoiding confidential documents being transmitted by email and the creation of multiple revisions that can make it difficult to ensure that everyone has the same (and latest) information at their disposal.
So what types of organisations would benefit from this type of information storage within a company? To be honest, most companies suffer from having huge amounts of information scattered around the organisation that would benefit lots of different departments but that only a few people know exist. A fully indexed and accessible online document management system or virtual dataroom would soon open make this information available again.
There are also specific types of projects which would greatly benefit from this, primarily those which require cooperation and input from people who are in different locations but need to have access to a central source of information to work effectively. This might include projects such as ISO quality programmes, tender submissions for new business, product development or market research – all key projects that normally require huge amounts of resources and people to achieve the quality required and could greatly benefit from an online corporate dataroom.
The other benefits show just how attractive an option it can be at many different levels:
- instant access 24/7 from any location (given the relevant security codes of course) so that remote workers and different offices are all able to use the information;
- comprehensive indexing system allowing easy categorisation of documents and files as well as a full search facility;
- safe and secure access as well as multiple security levels giving total control over access to the information;
- full audit trail of documents and users’ access
All the benefits of virtual datarooms that have been enjoyed by some are entirely appropriate for all types of organisations. Just think of them as your corporate dataroom or secure online document storerooms and you’ll never have to go looking for a lost document again.
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Virtual Data Rooms
The use of Data Rooms, particularly in the whole Mergers and Acquisitions process, has been commonplace for many years to help to bring together the mountains of paper which is required for the due diligence process.
In today’s online environment, however, the need to set up a physical Data Room has been superseded by Virtual Data Rooms which have opened up the potential for greater levels of security, easier access and use, coupled with full auditing capability.
Here at Preview, we have taken this a step further to make the Virtual Data Room into a specialist and powerful tool. The Preview VDR comes as an individual fully managed product or a self administered framework. We offer single rooms or an unlimited licence and all this makes our offering quite unique.
As if this wasn’t enough the Preview Virtual Data Room are packed with other specialist features such as:
- Drop and Drag Upload
- Instant set up
- Validation to document level
- Fully auditable history
Virtual Data Rooms may not be the most fun places to be but they are incredibly valuable tools which are saving time and money for those companies already using them. Just in case your interest has been piqued, there’s a lot more information and a case study on our Virtual Data Rooms page which you’ll certainly find useful.
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