Virtual data rooms are a modern tool for working with data and a reliable way of external communication. This article will review the best data room solutions for secure data management.
Data room as the best alternative for work with sensitive data
Modern technologies are an integral part of the life of a progressive society. Innovations in data sharing and deal management are due to the need to simplify and streamline the work of any organization as much as possible. Digital software like a virtual data room is a real opportunity for companies to move to a new level of business management and interaction with contractors and customers more productively.
The digital data room consists of tools that allow you to carry out any activity without geographical reference. For example, you have a construction company and need to meet with a client from abroad. However, going to another country is not an option as the final cost will increase. What to do in this case? The answer is simple: use the secure data room as part of the company’s digital infrastructure.
The benefits of data room automation cannot be overestimated. The main advantage of using such an innovation is the maximum exclusion of the human factor in work. There is no more need to worry about the safety and possible risks of falsifying paper media. In addition, the system enables collective access and work with various information during complex business transactions.
Data rooms enable uncomplicated and secure collaboration beyond company boundaries while maintaining compliance simultaneously. It is not the only reason they are now being used in more and more areas because of the increasingly strict and complex requirements for data protection and security. Data rooms are cloud services that – similar to analog data rooms – enable controlled access to confidential information, data, and documents. The requirements for a secure virtual data room go far beyond the encrypted transmission and storage of sensitive data. They include functions for authorization and access management as well as, for example, complete and audit-proof documentation of all activities.
The best data room vendors for secure data exchange
The current digital solutions market for business automation offers many data room vendors for arranging secure data sharing. We have determined 3 leading positions and reviewed the basic aspect of their functionality:
- Drooms
This data room software is designed to organize the distributed work of users with contracts, generate a payment schedule for contracts, and automate the negotiation of the terms of agreements and operational work with them. The system is suitable for owners of small and medium-sized businesses and any specialists planning to optimize business processes related to the development and approval of documents. With the calendar and the task planner, everyone involved has the current project under control.
- Intralinks
The goal of the service is to provide a single, consistent source of trusted information that can simplify collaboration, promote compliance, simplify document version control, and ultimately lead to significant efficiencies and ROI. This versatile tool is packed with powerful features to eliminate the need to use dozens of different project management tools. In addition, affordable rates for work in the Intralinks data room make modern technologies accessible to everyone.
- Firmex
It is one of the simple and powerful project management tools designed to help companies of all sizes easily manage, track, and complete projects. This software is suitable for all business sectors, but the most widespread use cases include mining, investment banking, and pharmaceutical industries. In addition, the platform offers 5 GB of storage for fast file uploading.