Now more than ever, you can never tell what the future holds. However, you can plan to have one where all your information is secure as a startup. With the current Coronavirus pandemic, a lot of businesses have had to change how they operate, more so in terms of the environment structure. People have been forced to work from home, meaning that even company meetings and brainstorming happens online.
Thanks to technology, this change has been a bit manageable. To make it even better and secure, consider having virtual data rooms (VDRs). VDRs allow storage of information to be done safely while remaining accessible remotely. Here are the reasons why any startup should use VDRs during this Coronavirus crisis.
1. For Effective Storage of Documents
Gone are the days where data was stored in paper documents. Though paper is still used widely, many companies are planning to go eco-friendly, and this partly means reducing the use of paper in working spaces. As a startup that wants to keep up with changes in the market, you too should consider going paperless.
Paperless documentation is more comfortable to store thanks to VDRs. Managing VDRs are also more natural than having a physical filing system where one has to go looking for a document amid thousands. Imagine a 10-year storeroom for all documents ever used compared to having all your documents in VDRs where space is adequately used.
A data breach is a big concern for any company. Thankfully VDRs offer a secure way of storing your data. In such times where people are not always in the office, it is easy for a burglary to happen without the authority noticing or even if the authority does notice, following up becomes even harder. However, with VDRs, only the authorised people have access. By use of improved cybersecurity practices, it is easier to have the assurance of secure data.
3. More comfortable and Secure Ways of Sharing Data
The Coronavirus pandemic has restricted a lot of movement. This means that business meetings are also forced to happen remotely. The big question is how data gets to be shared in such meetings. VDRs are the answer. The best part is that you do not have to give full access to everyone since VDRs have different permission levels.
Some security protocols will also prevent even authorised members from copying data and even making screenshots.
4. Saves Time
Time is a precious asset for any company, even startups. If a decision needs to made as soon as possible, delaying it can also lead to money losses. VDRs are quite useful when it comes to the proper use of time. Given that this is an online storage platform, any authorised user can access its data from anywhere in the world.
Time zones are no longer a limitation, and one can even run a business transaction off working hours. In any case, working from home has caused official working hours to be quite flexible.
According to VDRs' due diligence, any form of document modification needs some security and even legal requirement. This allows the system to create an automatic digital log as proof of compliance. Such functionalities keep every member accountable when it comes to how they handle the data stored in VDRs.
Also, investors are quite precise when it comes to risks. With systems where investors have the confidence of accountability and secure data transactions, a startup stands better chances at pleasing its investors and even attracting more.
We are in a digital era, and it is only practical for any startup to have the necessary tools to keep up with the changing world. More so, with unpredictable changes such as the Coronavirus, only prepared business survives and even thrive. This is why VDRs are not just a suggestion. They are essential.
Of course, you will have a few pitfalls with VDRs as well; however, their positives are way higher than any negative implication out there. Virtual data rooms are the route to a promising future for many startups. All you need is to install them, upload all your documents, be conversant with its security features and practices and you will be good to go.