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Why You Should Invest in Virtual Data Rooms

Though virtual data rooms are not perfect, there are significant advantages to its adoption

In the last half decade, there has been a dramatic shift in the data management industry as businesses migrate away from physical storage towards a virtual solution referred to as the virtual data room (VDR). This growth has been fueled by firms seeking alternative solutions to meet their growing data requirements that saves time, improves efficiency, and ensures security. Officially,virtual data rooms are defined as digital databases in which companies can store and easily share data with third-parties, usually during a business deal. In the past five years, the industry for VDR has boomed and by this year is expected to reach $1.2 trillion according to research firm IBIS.

To understand the rise in demand and popularity of this technology, we must first understand what makes a VDR different from its close relative, the physical data room. Namely, the primary difference is that a virtual room exists entirely online as opposed to in a tangible room. Furthermore, files are stored in a digital format such as PDF or XLS whereas physical data rooms hold documents within binders and boxes. If you’re uncertain about whether a VDR makes sense for your business, let’s take a look at some benefits of making the switch to this digital-age solution.

Reduced accountability on humans
Since virtual data rooms store information digitally, it’s very easy to quickly find any relevant information that you or a potential investor might need. With a few clicks or a line of code, the need for an accountant can be bypassed who have traditionally been employed to monitor and track the flow of information in and out of a data room. This not only increases the amount of time required to find data, but also introduces the risk of human error, which tends to scare off potential investors over fears of data integrity and accuracy. With virtual data rooms, it’s easy to keep track of who accesses the database at what time, what information they pull out, or what changes they make. This way, it’s easy to hold individuals accountable for their actions and prevent them for not following protocol that can lead to data leaks or theft.

Ease of access
With the increasingly mobile nature of conducting business and the rise of multinational companies, being able to access crucial information remotely is necessary. Having this capability can ease and speed up accurate decision-making. However, data security remains a major concern in virtual data rooms. Such databases often are easy targets for hackers to break into for monetary gain or other personal reasons. However, employing a team of data security experts within your firm that are equipped with the latest software to prevent any intruders will override any potential security threat.

Long-term preservation of data
Physical data rooms can go up in flames, be destroyed by earthquakes, or get flooded. Unfortunately, if the worst does occur, it is very unlikely for any business organization to have a backup room that contains the exact same data located in the exact same cabinet and drawer. However, information stored in virtual data rooms can be backed up in the cloud multiple times and in multiple locations, so that even if one (or a few) servers crash leading to downtime or outright loss of data, your information will still be easily accessible from other backup locations leading to recovery.

Though virtual data rooms are not perfect, there are significant advantages to its adoption. Any business that wants to improve its workflow efficiency or simply attract investors and funding should consider migrating from dusty physical data rooms to a virtual solution which lets data be accessible even from mobile phones.

More Stories By Harry Trott

Harry Trott is an IT consultant from Perth, WA. He is currently working on a long term project in Bangalore, India. Harry has over 7 years of work experience on cloud and networking based projects. He is also working on a SaaS based startup which is currently in stealth mode.

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