In the conditions of overall globalization, deal-makers are supposed to interact and cooperate with each other to stay competitive in their area and to prolong efficient business relations. That is why, board members frequently are ready to represent their enterprise globally and participate in cross-national meetings, assemblies, and some other events. But it does not mean that they do not have to take part in dealing with the internal issues of the corporation: although board members dedicate a lot of time to travelling, they as well are supposed to make a contribution to company’s performance and make beneficial decisions.
VDR simplifies this mission as it plays the role of a board portal outstandingly. A virtual room allows board members to interact with each other and to follow the company’s latest achievements, disregarding their geographical location. As the data room is accessible all the time all over the planet board members do not need to worry about missing crucial news or skipping important meetings. Also, board portals are as a rule accessible not exclusively via laptops or PCs but also in a form of mobile app: all the files are accessible via mobile phones and tablets.
In addition, when businessmen exchange the data via virtual rooms theydo not have to worry about the risks that might threat the security of information shared. As email utilization has no role in the data exchange (all the files are approachable only via the virtual repository) there is any risk of data leakage. Also, all the information is encrypted and protected with dynamic watermarks therefore unsanctioned browsing and sharing are not possible. Two-step user verification, firewalls, and virus scanning guarantee that solely authorized users have an access to the information.
At the same time, board members can open an access to selected data to to find out the comments of external stakeholders. Depending on the level of access to the data given, room visitors are differentiated but board members can be sure that no one will find irrelevant files unwittingly. Therefore, owing to virtual repositories board members have an instrument to interact not only with the representatives of a certain company but to continue the discussion with external partners, investors, experts, etc. Obviously deal-making negotiations can comfortably be completed using electronic data room.
Smooth communication is guaranteed by Q&A section. Whenever board members want to discuss certain questions with particular VDR users or groups they might open a branch of questions and answers dealing with certain information. The communication takes place directly via the VDR so there are no reasons to worry about data security. Simultaneously all the VDR visitors (if they have particular permission) can view the discussion and participate in it. Hence, due to such Q&A sessions, board members have a chance to stay in touch with specific stakeholders and set up efficient and important meetings even during the time when being absent in the office.
The effectiveness of communication with the help of VDRs is also enhanced by ease of use inherent to the exploitation of a virtual room. All the documents are classified and is aggregated into a logical file system that can be surfed intuitively. Due to advanced search instruments board members should notinvestigate the whole archive of the documents but they have an opportunity to exploit filtering features and keywords in order to identify the file or folder required. Moreover, they may embed links between the documents and make search process even less complicated.
Board members usually are supposed to deal with the obligation not only to stay updated the news from home but also to disseminate particular data telling about their latest gatherings and business progress. Drag-and-drop and bulk uploading instruments immanent to virtual repositories promote this process: board members may update the room in a few minutes and the selected room users will get an email notification about the new documents that was added to the repository. Therefore, the negotiations can start instantly.
Hence, a decent VDR fulfills a role of board portal and simplifies the achievements of deal-makers outstandingly. All the options and instruments intrinsic to virtual repositories make the virtual platform comfortable and effective for maintaining dialogues between deal-makers: they experience significant time savings and they are free in their access to secret corporate files.