A lot of companies still store data using good old PDRs. They think they are using the best option because they do not have enough info about alternative ways of document sharing and storage and people are sometimes afraid of new technologies. So, the main goal of this article is to explain sharp distinctions among these options and show the clear benefits of virtual data rooms.
Virtual data room benefits
When you need to quickly overview some deeds, without transcontinental flights, a great deal of money, and effort, what is your best option? An up-to-date data room service enables users the ability to find anything with a few clicks on their gadget. On top of that, the time it takes digging for papers in the card index could be used for other activities, which would be more productive and profitable. A VDR’s searching system can help you find any file within seconds.
One more distinction to make here – with PDRs, you should get a permit every time you plan to overlook papers. This isn’t the case with a VDR. You get a password which gives you access to work when it is convenient for you.
Choice of formats
You never know when you might need to save some videos or tape records. VDRs present you with a great choice of formats, enabling video or tape recordings to be added to any document.
PDRs on the other hand are limited to only paper copies, which is not really in keeping with the times and needs of today’s business.
You can check depository interactions
Nowadays VDRs make it possible to check who visited a deed and how long they spent viewing it. It is also very useful to dissect who visited the repository to distinguish would-be investors. By using the depository in such a way you can get statistics on which organization might be profitable to develop future working plans with.
With VDRs, you can converse with cooperation partners or staff with certainty that it is 99.9% confidential and safe. You are also able to safely and securely send files. On top of that, when the new deeds are added to the room, users will receive a notification. More importantly, this is all done automatically. Notifications in a PDR are not automatic and require staff to commit time and effort to ensure notifications are sent to the correct individuals at the correct time.
VDRs cut down on travel costs. You no longer have to travel to an organization to do business or trade documentation. You also do not have to hire special staff for travel logistics. In addition to travel expense savings, you can rely on a high-quality technical service where you get real value for your money. Most VDR providers offer a free period or a demo-version, sometimes even both. By trial and error, you can choose the most appropriate provider for your organization. It is not always a question of finding the top provider, but rather it is a question of which provider provides the functions you need. It is of utter importance that you have all the services you demand. Likewise, there is no sense to pay for unnecessary and strange functionalities you’ll never use.
You can improve your reputation
Under the best of circumstances it is complicated to cooperate with people, especially those who are not ready to make the shift to new technologies. Half of the battle of any enterprise is its constant development. Just think what impression the company using the newest IT technologies will produce on depositors. And who will be a priority for them: a company that provides them with all the essential files easily accessible online or a company requiring long-term business trips and negotiations? Follow modern trends in order to lighten the work and to show that you are able to adapt to change.
Given these pros it’s easy to deduct that VDRs are better than PDRs by any definition, but the ultimate choice is up to you.