3 Benefits Of A Virtual Data Room That Your Business Might Be Missing Out On

The only good thing to come out of the COVID-19 pandemic was companies being more open to the idea and adoption of remote work. Due to the popularity of remote work, companies have been sharing all routine and confidential information and files with their employees through online avenues. During the pandemic, many companies experienced security issues and endured successful hacking attempts on their workstations, which has made them realize the importance of opting for a safer avenue to share all company data.

Virtual data rooms such as https://www.firmex.com/ provide companies a safe online repository to both store and share all relevant company data with related personnel. Instead of sharing all files within their employee hierarchy, managers can create structures within structures in their company’s virtual data room to only make relevant personnel privy to confidential information, while sharing routine data with all or limited employees depending on their daily work. In addition to the obvious safety aspect, given below are three benefits of a virtual data room that your business might be missing out on:

  1. Virtual Data Rooms Help Usability

In addition to their impressive defense capabilities, virtual data rooms enable configuration and offer high usability for all users and employees of a given company. Most departments work collaboratively on different projects and require cross-departmental input from different teams. Not only do virtual data rooms allow managers to hence share grouped data amongst different teams, but also provide a platform for relevant team members to edit and update all such information. 

Long gone are the days when cross-departmental collaboration would require IT departments to create nested structures and granular permission pop-ups to enable collaboration. Even employees with limited technical information can create and run virtual data rooms that would allow them to give limited or full access to different members depending on their input levels.

  1. Virtual Data Rooms Enable Collaboration

Companies often have to externally collaborate and share information with their stakeholders from outside the organization. Whether this collaboration is necessary for an audit, a joint venture, or a mutual project, it requires a safe and stable avenue to share necessary documents and information among different parties. These documents may also feature confidential contract agreements that need to be reviewed and signed by multiple parties to see fruition.

Since virtual data rooms allow managers to configure roles and invest time in task management, every individual entering a data room can have a specified role and a set of responsibilities. Managers can define what every individual can and can not do in a virtual data room, and the room’s superior collaborative settings enable managers to organize tight hierarchies. 

  1. Virtual Data Rooms Are Cost Effective

Cloud-based services that allow managers and companies to store data aren’t just unsafe in terms of external threats but are also expensive in terms of the actual costs associated with them. In addition to the basic costs, amounting to what it would cost companies to purchase a cloud-based service, managers should also ring in costs associated with dealing with an external threat that may present itself in the future and damage control.

Virtual data rooms may have an initial setup cost associated with them, but for companies working in a high-stakes environment, this initial cost amounts to little given the benefits and safety measures offered by virtual data rooms. These rooms are also scalable at limited associated costs, and hence in the long run prove to be a cost-effective solution.