A virtual data room is an electronic alternative to a physical data room. It serves as a place to store, manage and share documents between a group of people using the internet. Documents created before electronic methods were put in place can be scanned and uploaded to the data room and electronic documents can be automatically saved directly into the system.
Access Files Anytime and From Anywhere
A virtual data room gives employees the ability to access data from a virtual system any time of the day or night. That is a valuable asset for companies who have multiple locations or employees working remotely. With team members working in different time zones, you no longer have to wait for information. This allows employees to stay productive for more hours of the day. It also gives teams access to the same files, which is especially important when several employees are working on the same project.
Easy Document Retrieval
A virtual data room offers the user a quick and easy way to retrieve the necessary documents or files. The system can be set to alert users when an updated version has been uploaded. Documents can be viewed and shared online to save printing costs or be printed or faxed. Such a setup will assure employees that their information will always be available. It's no longer necessary to track down information filed, stored or archived in a physical filing cabinet on another floor or in another building.
The virtual data room can be set to different levels of access, depending on security clearance. This is import for companies to uphold compliance with HIPAA (Health Insurance Portability and Accountability Act of 1996) and other regulations around protecting proprietary information. The system can be divided into separate areas, each with a secure login to prevent unauthorized personnel from viewing certain information.
Third Party Review
A virtual data room is very effective when third parties have the need to review documents. This may be in conjunction with the bidding process of a project, the sale of real estate or documentation of compliance. The virtual data technology makes all pertinent documents and data available 24 hours a day to potential bidders or reviewing agents. The necessary documents, including business plans, agreements, presentations, projections, reports, analysis reports, research, inventories and any other information can be uploaded online through a secure system. Reports or alerts can show who has reviewed specific information to track progress. This gives all parties concerned the ability to view the same documents concurrently.
For more information about using a virtual data room in your organization, contact us today for a free consultation. DynaFile's cloud document management software lets you create unlimited secure and easy to use virtual data rooms for various business applications.