Document Vault Blog
Particularly if this is the first time you have used a virtual data room then you will want to be confident that the system will bring you significant benefits over traditional systems such as physical data rooms and other methods of sharing data online.
The first major benefit of course is that the system is available 24/7 from anywhere in the world, in multiple time zones, with multiple users accessing the system concurrently.
Secondly, you can have multiple users accessing the system without them being aware of each other. So, if you a selling an asset with several potential buyers you can give them access to the same information at the same time.
This tends to make a virtual data room much more efficient than traditional methods and the good news is that it not only saves time but saves money as well.
The obvious example is the sale of a major company involving buyers and legal and financial advisers from more than one country and more than one time zone. With a virtual data room, you not only save travel and hotel costs, you also save on the cost of the data room facility itself.
Then there is the data itself. With full version control over the data, you can be sure that everyone is seeing the correct document. You can also be sure that everyone is seeing the same information.
By maintaining an electronic index of the documents, you can also be sure that the data room is up-to-date and complete.
Now, what if you want to restrict access to certain people of certain documents in the system? With a Document Vault Data Room that is easy to do. You simply define the groups of users that will access the system and then tell the system which folders or documents they should have access to.
With the increased security comes the need to track what users are doing in the system. With Document Vault, you can view a complete audit trail of every document viewed for every user in the dataroom.
In order for this to work, we need to place very strict controls over who can access the system with an individual username and password assigned for each user. Typically, we ask users to register first which involves them digitally signing a copy of the terms and conditions of dataroom use together with your own confidentiality agreement.
The bottom line of course is that the system needs to be easy to use and cost effective. The good news here is that you don't need any special software of hardware to use the dataroom, just Internet access with a standard browser. As for cost effectiveness, the Document Vault system is competitively priced offering excellent value for money.