Hosting a multitude of files and documents in a secure environment is a major concern for modern enterprises. The safety and security of data are a priority for companies around the world. To prevent data thefts or malicious attacks, businesses are now seeking the services of a data room as a SaaS (Software as a service) solution.
It acts as a repository for innumerable files and can be easily accessed over the cloud. Data centres provide access credentials to log into these data rooms. Authorised personnel is allowed to use and share information from data rooms for various business purposes.
Let’s check out some of the major use cases of virtual data rooms.
Internal and External Audits
To fulfil regulatory and statutory requirements, companies must conduct audits at fixed intervals. To ensure the smooth functioning of these processes, important data must be shared with external as well as internal auditors. During these processes, huge amounts of data need to be checked. Access to a virtual data room from Docurex can make the task simplified and seamless.
Mergers and Acquisitions
When a business is merging with another company or is being taken over, large amounts of confidential data must be exchanged. Complex due diligence procedures are also carried out during Mergers and Acquisitions.
With the help of a virtual data room companies can share complete or partial information, as and when required. Besides, it can be accessed from anywhere conveniently. This makes the process faster and deals can be closed without delays.
IPO
An Initial Public Offering (IPO) requires an incredible amount of paperwork and due diligence procedures. To ensure transparency and manage the process efficiently, virtual data rooms can be extremely useful. It not only allows sharing and exchange of information easier but also keeps data security intact.
Apart from these, data rooms can be used for any type of data sharing, for raising capital and carrying out day-to-day business operations. Due to the security, convenience and reliability of data rooms, it has become a necessity for modern businesses.
