COVID-19, the newest threat to humanity, has altered the global working landscape. Since it was first discovered in Wuhan, China, in December, the novel coronavirus has quickly spread across 197 countries and territories, so far, surpassing 400,000 cases and over 18,000 deaths globally. This has triggered unprecedented measures by governments to try and curb the disease, such as the initiation of complete or partial lockdowns.
Governments and medical bodies across the world are emphasizing on social distancing as a key measure to slow the spread and flatten the curve. As a result, the nature of working has changed, with most companies encouraging their employees to handle their duties from home.
Additionally, many countries have placed travel bans to and from the affected nations, meaning pre-organised business forums and conferences have to be cancelled. Despite the halting of movement, companies must strictly keep working. Otherwise, the economy will crumble. So, how should companies keep up? Well, virtual data rooms (VDRs) and cloud computing are the ultimate solutions.
What is VDR?
A virtual data room is an online database used by companies to store and share sensitive data. It has particularly become an integral part of mergers and acquisitions (M&A) transactions, litigation case files and so on. This virtual room gives a detailed tracking activity and allows the users to see the number of files viewed and by whom.
It is a means of enhancing security, saving time and improving efficiency. These rooms were introduced 10 years ago, and have quickly replaced paper-heavy processes, which lead to short deal cycles and increased valuations. Because they present a secure and reliable means of sharing valuable data, they have been adopted by almost every company following the emergence of COVID-19. Cloud computing gives room to productivity.
In data transactions, computer access and specialised software will keep businesses on track in the face of the virus and leave you at a competitive edge. Because they have been found to offer increased efficiency, they have become the norm in business.
Why Use Specialised Software?
Cloud computing and a virtual data room services give you peace of mind. This is in terms of the certainty that your intellectual property, HR, financial data and confidential information will not be found by a third party who does not have access rights.
It is a remote technology that has been made more available to companies on a large scale. With coronavirus testing the efficiency of crisis response, these are the best solutions for every business, both local and global. In the 2009-2014 data, the virtual rooms had grown at a rate of 16.7 percent, with the percentage expected to rise by a larger margin towards the end of 2020.
A VDR will enable you to upload large volumes of information, track the activity of your documents and allow you to set user permissions, which are all vital for the security of your sensitive business data. It also has an intuitive user interface that facilitates quick navigation through files, so every team can access the folders and files they need to review.
Why you Should Drop Generic File Sharing
Dropbox, Corporate email and Google Drive are some of the most highly rated generic file-sharing services. However, note that these services are not sufficient in terms of protecting your sensitive data. They also make the sharing of large corporate files inefficient, complicated and difficult to navigate. VDR allows you to share many files as well as structured folders securely. If you were working on important deals before the quarantine, take advantage of VDR to avoid any delays.
The problem with generic file-sharing platforms is their basic permission settings that can cause you to share your data with the wrong people. They also fail to provide detailed auditing and tracking needed by professionals. VDRs are the go-to solutions because they also comply with the international security standards, including SOC 2, HIPAA and GDPR.
In the wake of COVID-19, VDR and cloud computing are being integrated into business operations, and the numbers will keep rising. These should be viewed as mitigation factors and should be embraced by every business, both large and small. For the nations affected severely by the coronavirus, cloud technology should be your best bet if you wish to keep your company running amidst a lockdown and unpredictable future.
This specialised technology should help your operations to stay afloat, keep functioning and recover losses. Not only will you stay productive, but have an avenue for sustaining your business in any other disaster. The sharing of content externally has been pushed by the nature of working conditions, especially during this period of global quarantine.
The rising popularity of remote working has also precipitated a rise in VDR providers. This array of options may, however, create confusion and uncertainty when it comes to choosing the right VDR for your business. Before settling for a VDR, begin by defining your needs and abilities, your budget and desired features. Also, read reviews, talk to support to weigh their response and test their software using their free trial.