You have come here to read this article because you want information about virtual data rooms. There are very less number of material in the web to make you understand about the whole scenario of virtual data rooms. You will get some brief idea and the concept and sentences are all the same in all sources. As i have got some idea about virtual data rooms from my practical work experience, i want to share some real cases and scenario of virtual data rooms. So, that it will be more understandable for you.
Before describing and explaining the real practical scenario of a virtual data room, i am going to give you a short description in a very short sentence. Virtual data rooms are a kind of data rooms which are used to view or access one soft copy of the document anytime any where, in any part of the world, with the help of log in credential. People have the free access of this document system, though you are not authorized to change or download the document if the admin does not give you proper right.
Practical Example:
Most of the people know that to deliver medication in US, your prescription details must need to get entered into the system of the pharmacy so that the record and the payment is tracked and you get your medication on time and also this service make sure that you get the right information and instruction about your medication.
So, you need one expert team of data entry to enter this information or someone should enter the information in the system, so that the record is updated and recorded. But some smart companies who want to minimize their cost, outsourcing this job to some third world countries where the skill is very cheap.
But as the job is 24/7 so they must need to enter the data all round the clock and to enter those information, they must need to send the prescription just one time to the other side of the world within a fraction of time. So, how to do it. The solution is Virtual Data rooms and one of the advantages of this virtual data rooms is efficiency of time. No postal of travel charge to send the document. You can just scan it and upload to your system or server and the other side will be able to view it and will be able to enter data according to that prescription. So, hopefully now you have got the difference between the Virtual data rooms and physical data rooms.
Companies who do this kind of work, they use some special kind of software provided by their vendor and just upload the soft copy of the document there. Docutrack is a such kind of software which is used for viewing the documents. You need to scan the document first and then you need to upload it in the server to view the document.
The people who are working on the other side, can only be able to view the document or they will only be able to put some comments in a comment box over the document. But they will not be able to download it or make any change of the document.
Before describing and explaining the real practical scenario of a virtual data room, i am going to give you a short description in a very short sentence. Virtual data rooms are a kind of data rooms which are used to view or access one soft copy of the document anytime any where, in any part of the world, with the help of log in credential. People have the free access of this document system, though you are not authorized to change or download the document if the admin does not give you proper right.
Practical Example:
Most of the people know that to deliver medication in US, your prescription details must need to get entered into the system of the pharmacy so that the record and the payment is tracked and you get your medication on time and also this service make sure that you get the right information and instruction about your medication.
So, you need one expert team of data entry to enter this information or someone should enter the information in the system, so that the record is updated and recorded. But some smart companies who want to minimize their cost, outsourcing this job to some third world countries where the skill is very cheap.
But as the job is 24/7 so they must need to enter the data all round the clock and to enter those information, they must need to send the prescription just one time to the other side of the world within a fraction of time. So, how to do it. The solution is Virtual Data rooms and one of the advantages of this virtual data rooms is efficiency of time. No postal of travel charge to send the document. You can just scan it and upload to your system or server and the other side will be able to view it and will be able to enter data according to that prescription. So, hopefully now you have got the difference between the Virtual data rooms and physical data rooms.
Companies who do this kind of work, they use some special kind of software provided by their vendor and just upload the soft copy of the document there. Docutrack is a such kind of software which is used for viewing the documents. You need to scan the document first and then you need to upload it in the server to view the document.
The people who are working on the other side, can only be able to view the document or they will only be able to put some comments in a comment box over the document. But they will not be able to download it or make any change of the document.
Well written article! Thanks for sharing it. Every process that requires due diligence or M&A operation is really paper-intensive and it would be very difficult to act without VDRs. I have made virtual data room comparison and figured out that none of them can guarantee 100% security but those who are more experienced are more reliable.
ReplyDeleteReally well written article on this topic. You can read this blog "Overview of Virtual Data Room" to get more realistic information about virtual data rooms. Thank You
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