Globalization, pervasive digitalization, and accelerated life tempo have altered the established patterns of business-making. Representatives of the companies are not obliged to spend time and other resources on long face-to-face negotiations, examination of hard copies, time-consuming business trips, etc.: all these actions can be eliminated. The technology that enables businessmen to execute cross-national deals with no need for leaving the office is called “virtual data room.” A VDR is an online repository for digital copies of all the confidential documents. The room is accessible 24/7 worldwide which allows authorized users to work with the data whenever and wherever it seems convenient. Thus, virtual data rooms managed to remove time and space restrictions and to lower expenditures that are inherent to every imaginable deal.
Every deal and transaction have similar basic demands – security and convenience. The more reputable the VDR is, the better it can meet these requirements. Thus, virtual data rooms tend to offer a standard set of features
aimed at the satisfaction of the clients’ needs. As it can be predicted, the safety of the confidential data is the major concern of the customers. Therefore, VDRs are enhanced with the complex security system that usually includes data encryption, multi-level user
verification system, firewalls, watermarks, time and IP restrictions, regular backups, etc. All the aspects mentioned are supposed to
guarantee high-level protection from data leakage, misuse, loss, or destruction.
The other paramount feature of a VDR is
its convenience. To keep the businessmen focused on the deal, the room is
supposed to be equipped with a simple and intuitive interface, and
all the documents are supposed to be systematized according
to simple logic. Owing to these VDR traits the navigation in the room is smooth
and fast. Among the other features aimed at guaranteeing convenience are advanced search system (full-text search together with filtering capabilities such as search by file names, keywords, date, etc.), bulk and drag-and-drop uploading features, integration with Microsoft Office, development of the mobile application, etc.
Regularly generated audit reports help the room owners to
monitor all the actions performed in a virtual data room: the information on who entered the virtual data room, when, how long for, which documents were reviewed, downloaded, altered, etc. is recorded. Q&A section helps the both sides of the deal to maintain smooth and uninterrupted communication. 24/7 support guarantees the room owner that in a case of any possible trouble a team of qualified professionals would assist the user instantly.
The options mentioned constitute the basic set of the features that should be inherent to a reputable and decent data room. However, some clients have an excessive list of requirements. Therefore, a VDR vendor is supposed to be ready to meet the specific needs of the customer. For certain projects, deals or transactions clients might demand a creation of special tutorials on the VDR exploitation for employees, administrators, potential partners. Another requirement is connected
with the corporate identity of the company: the room owners might ask for making the room consistent with the brand in
terms of colours, logos, slogans, fonts, etc. included into the VDR interface. The user might also require preparation of customized invitation letters, user agreements, reports. Thus, the vendor must be prepared to offer the client customized solutions to his demands.
Apparently, not all the providers are qualified and decent enough to satisfy the specific demands of the customers. Hence, if the client knows that his needs exceed the standard offer package than the selection of a VDR vendor must be done even more meticulously. iDeals is one of the best virtual data room providers on the market and maintain its positions among the top-10 vendors. Its virtual data rooms have gained the reputation of highly secure and functional environments that can be easily altered and adjusted to the customers’ demands.