Technology makes our lives easier by automating and taking over routine, mundane tasks. And businesses can have a lot of benefits in implementing various digital tools in their workflows. Today company owners can find instruments to streamline the teamwork, gather valuable data about clients and performance of employees, and many more.
Top Virtual Data Room Providers in India
However, the management of corporate documents still remains one of the most challenging tasks to deal with. Fortunately, technologies have a solution for this tough process, too – an electronic data room. It allows to store all the documents online in a secure repository and share them as needed. Also, the data room software improves teamwork. So adopting this tool business gets many more benefits than just easier maintenance of the data.
But how exactly are data room services better than generic cloud storages like Google Drive or Dropbox? Many business owners have this question because such repositories cost little to no money while the data room can be quite expensive. Of course, the first answer that comes to the mind is that VDRs are sophisticated business tools that combine online storage with various features that help to simplify the workflow and accelerate deals.
No doubt, you can create a system of different free or cheap tools to create a similar working environment virtual data rooms offer. But operating all these instruments, especially if they are not integrated, is a terrible hassle. And eventually, it doesn’t simplify things but makes them even more complicated.
So why not to just use an existing solution that covers most of the needs businesses have? Even though you will pay more for the data room, you will ultimately save more money accelerating processes and reducing the number of resources needed for deals.
The versatility of virtual data room services is not the only reason to choose them over generic cloud storages. We should always take care of the safety of the corporate documents. And common online repositories can’t ensure that. They are too easy to hack, and multiple episodes of the data getting stolen from such storages only prove that they are not reliable.
You will never have to deal with such issues if you use a secure data room. VDR providers use the most robust encryption available to protect both the storage itself and data transfer ways. Therefore, hackers don’t have even the tiniest gape to crawl through and harm sensitive documents.
Additionally, datarooms offer features that help to protect the files. For example, you can put watermarks over documents to protect them from theft and unauthorized usage. Also, the manager of the VDR can control the level of access users have and see every action they make. The best data rooms have many other security functions like a fence view that allows going through documents discreetly in public places.
Another advantage of the online data room is that the provider usually offers extensive and 24/7 available support. It means that no matter at what time of the day you face any issues, there is always someone to help you out. The support team will guide you through the process and help you understand how to use the tool efficiently.
Top virtual data room providers
There are so many vendors it is easy to get confused. And with each day their number gets even more significant. So how can you choose the best virtual data room? Here are some tips to help you with this task.
First of all, does your company belong to some specific field like pharmaceuticals or maybe real estates? Certain business areas have unique needs, not every secure virtual data room can fulfill. But some providers create tailored solutions for such fields. So start with picking out the options that fit your business.
Also, you have to understand your budget. VDR vendors offer different prices, and the expensiveness relies on various factors. Some providers would ask for more money because they gained a certain reputation and have big companies among clients. Usually, well-known brands choose such vendors merely to have a tool that fits the status of the corporation.
Other providers will have higher fees because they offer particular advanced tools. For example, Artificial Intelligence gets implemented in VDRs more often now because the technology itself is quite advanced nowadays. It helps in making better data-driven decisions and boosts the performance of the business.
Virtual data room reviews are a great source of information. You should read them to understand all the pros and cons of the vendor and decide whether it’s a suitable solution for your company. Unlike customer testimonials on sites of providers, data room reviews offer a genuine opinion on the tool.
To ease your choice, we have gathered the most suitable providers for businesses in India. These vendors can satisfy all the unique requirements companies in this country have. So below you will find an extensive virtual data room comparison that will help you pick the sufficient option.
Virtual Data Rooms Solutions
But what exactly can VDRs be used for? The primary business process a data room can simplify and accelerate is due diligence. This complicated procedure becomes really easy and quick with this technology. All you need to do is to upload the documents to the online repository and organize them. Then just give third-parties access to the information so that they can study it in a timely and convenient manner.
Since due diligence is a big part of Mergers and Acquisitions, a secure dataroom becomes handy here as well. Another benefit this tool offers users is the opportunity to interact within the VDR during M&A. Parties can comment on documents and highlight important passages. Also, there is a Q&A section where users can get answers to their questions fast. The selling side can assemble frequently asked questions with answers to them in advance to accelerate the process.
Also, the data room is useful for board communication. Since all the documents are stored in it, directors can access them quickly and study before the meeting. Thus, they can save time during the event skipping time-consuming and tiring explanations of current statuses. Therefore, members can focus on discussion instead.