If storage served as a repository of documents for communication with regulators, courts, and counterparties in pre-digital organizations, today, they could be used as a corporate knowledge base and a common information space for business processes. This article will explain the benefits of using a virtual data room as virtual business storage.
Virtual data room: set up business storage in a few clicks
Storage is a reservoir of corporate knowledge. In the digital economy, knowledge, especially new knowledge, is a competitive advantage. They are needed to increase the enterprise’s business processes’ efficiency, flexibility, and customization for each transaction. The IT systems are generated and accumulated as the company’s employees are divided into departments and perform their functions. For example, accounting uses accounting systems and an archive of primary accounting documentation, regardless of whether the sales department is using CRM systems, or production, functioning using MES systems. As a result, the data accumulated in one system can be used to optimize only those processes in which they were formed. Until data becomes an asset accessible to all departments and business processes of the enterprise, its commercial potential will not be revealed. Therefore, it is not a question of the formation of competitive advantage but the emergence of a competitive disadvantage.
For this purpose, a virtual data room was organized. There is no need to implement complex information systems to manage data storage. You can buy the data room license and set up your secure data repository in several steps. The software ensures single storage for company documents, available to all users and all business processes, regardless of the department in which they work or the information system.
The presence and maintenance of a single data room repository not only makes life easier for employees of the organization but also allows you to include contractors in business processes. They don’t need to install anything – they can access the relevant sections of your company portal. It is called the digital transformation business platform.
What are the benefits?
A virtual data room as a business data repository has two main advantages:
- Data sharing and control
Virtual data rooms can be used for sharing and storing data securely. With these solutions, you have full control over your business documents. You can also control who and what accesses your business information in the data room.
For example, the administration can set access permissions according to the roles and needs of the users in the data room. In addition, administrators can restrict access to specific folders and documents.
By enabling “Fence Mode,” you can ensure that nobody can edit, download or print a specific file. It also prevents users from taking screenshots and snapshots of the software screen. The administrator or creator can revoke access at any time, regardless of whether other users have already opened the file.
- Cost efficiency
Data room software offers a cost-effective and secure business solution. Large businesses, such as corporations, can save more money than small or medium-sized businesses by using a virtual space. It is because these huge companies have to manage a large amount of data and need a lot of storage space. As a result, these companies are forced to invest more in expensive hard drives and other backup devices.
Virtual data rooms offer unlimited storage space and eliminate the need for expensive servers and hard drives. Data rooms can also help organizations save hundreds of dollars annually by minimizing or eliminating the need for costly hard drives.