If you have worked for a big corporation, you may have heard some colleagues talk about (or hiding in!) data rooms.
A data room is simply a physical room that companies use when they are going through a due diligence process, for example due to an acquisition or a merger. Documents pertaining to the transaction (contracts, financial data, etc.) are stored in a particular location so that a team of lawyers, contract managers, financial professionals and the like can study, review and analyse all the data required to be disclosed during the transaction. Due to the sensitive and confidential nature of the information being handled, strict procedures are (or should be!) in place to ensure that the integrity and safety of the documents are preserved.
Creating and maintaining such a secure space can be quite difficult and costly to manage, especially if a huge storage space is needed or if colleagues from another location have to be flown in to audit the paperwork.
This is one of the reasons why so many corporations are now switching to virtual data rooms (VDRs). Those virtual rooms are secure, allow faster (and hopefully cost-effective) processing times and enable multiple users to work simultaneously while still keeping an accurate tracking of the documents and the people viewing them.
Setting up a VDR does not happen overnight, of course. Feeding data into a VDR’s server largely has to be done manually at this point, although some systems can make the process relatively painless. But this is still time-consuming activity, and nobody other than a fake news website would suggest that data entry is exciting work. But don’t worry: at virtual office assistant, we can not only help you research the best VDR for your business but also take away some of the burden of populating the data room.
Maybe you think that you won’t need a virtual data room because you’ve just started your business. You might be surprised at the efficiency and cost savings that a VDR can offer. What matters is not the size of your business but the size of the data task you are facing.
If your business is going through an information-intensive transaction, a virtual data room could be the digital equivalent of a headache pill.