docurex® Data Room
When managing a company, it is important to securely manage all the confidential documents and intellectual property created by you or your staff. Most small and medium-sized enterprises work with several computers that store different files. Usually, they are accessed by a number of employees or coworkers to change or update them or create new sensitive documents. These processes occur several times a day in larger companies. Some staff members work share sensitive documents and need to manage them and make sure that they can be easily accessed at all times.
The work involved with this valuable data can be considerable. Difficulties arise when parts of the company are located on different sites and employees require documents stored on a hard disk or on servers they cannot access. In a case like this, the information would need to be copied laboriously to another site. You would also need to assign an employee to take care of ongoing backups to make sure that nothing is lost.
In these cases, it is useful to have a data room. This is an area in which all sensitive documents of a company are stored and managed centrally. Online data rooms are used to work on documents, store data and manage backups. The data room makes it possible for employees to access data from anywhere in the world at any time.
In principle, a data room can be a physical space. Up to the year 2010 data rooms were often considered to be physical data rooms. Nowadays a data room is almost 100% a virtual data room. A physical data room is rarely used these days. Most virtual data rooms are provided in a secure data center providing security to millions of documents for hundreds of customers.
Use a virtual data room and transfer your vital documents into the internet – encrypted, of course. An online data room provides many advantages, saves you time and you no longer have to back up your data.
A virtual data room acts as an archive for small and large datasets
The virtual data room provides many advantages compared to alternative sharing documents. You can store, manage, and archive documents in a virtual data room when permanent access is no longer required.
Opt for the virtual data room docurex® and benefit from a very easy-to-use interface. Collect all of your company’s documents online and store them there in files and folders. Save all the files you need to manage your company in a secure environment. You can access them from any computer connected to the internet, as well as from your smartphone or tablet.
Authorize certain staff to view particular folders and prevent other staff from doing so. If you manage a company with several sites, convenient access via the internet is especially useful. The same is true for companies with several departments that each maintain their backup systems. Documents never have to be copied from one place to another again. The information stored in folders and directories is always up to date.
If an employee changes a piece of information and stores it in the docurex® Data Room, a colleague at another location (which might be anywhere in the world) can access the updated information instantly.
All documents are stored safely and intuitively in virtual data rooms
The docurex® Data Room features an intuitive web interface. Unauthorized access is not possible, as the system utilizes multiple layers of security. If you work in a mergers and acquisitions department or intend to acquire or merge with another company, a Data Room is the best choice for collecting all documents, folders, and records in one place.
Regardless of where you are in the world, you can retrieve vital information from the data room or deposit it there any time of the day. This is especially useful when company sites are in different time zones. You do not have to wait for an employee to provide you with the important documents during their working hours.
Every authorized user can enter data, regardless of their location, time zone, or day of the week, and access and change documents independently. This represents a major advantage, particularly during due diligence or merger.
Security in Virtual Data Rooms
A further benefit is the extremely secure storage of your documents. The docurex® Data Room boasts a multi-layer security system. Data is transferred with secure encryption preventing an unauthorized person from logging into your system or intercepting information during transmission.
You also benefit from markedly enhanced data security. When you use a virtual data room like the docurex® Data Room, you no longer have to back up your data. If your data is stored on hard drives you are responsible for ensuring regular backups. By contrast, no documents are lost in the virtual data room.
Yet another advantage of the docurex® Data Room is that it is easy and intuitive to use. Your staff does not need to be experts at working with a document management system, nor do they need special training. The virtual data room functions as a file manager, and its operation is self-explanatory.
You can operate the system with any browser, irrespective of your operating system. There is no need to install separate software on your computer. All established file formats for uploaded documents (e.g. .docx, .xlsx, pdf, etc.) are supported. You can save documents from Office suites (like Microsoft Office 365) as easily as PDF files and documents from other applications.
An intelligent search function ensures that you quickly find the right document, even in large datasets. In addition, each transaction an employee undertakes within virtual data rooms is entered into a log that cannot be edited. This provides you with an excellent overview of which changes were made, by whom, and when.
Of course, you can easily export all documents from the virtual data room. For example, you can also store the documents on an external drive or encrypted USB-Drive and use it in a location that does not have internet access, such as on a plane.
The virtual data room is indispensable when selling companies
If a company is going to be sold or merged with another company, all documents distributed among the various sites must be collected, sorted, and prepared. These documents also have to be stored safely, to prevent access by outsiders or unauthorized staff.
The docurex® Data Room is destined for this task. As part of the consolidation of documents, referred to as due diligence process, the virtual data room is ideal for preparing and providing documents at different sites. Analyses can be created easily and documents as well as folders, and important records accessed from any location.
It is also possible to merge customer databases and share additional confidential information in a way that is both simple and secure. All persons entrusted with the sale or acquisition of a company have secure access to the documents collected in the virtual data room at all times.
Documents can be reconciled and merged and viewed around the clock. It couldn’t be easier. If major companies with extensive real estate portfolios and a large number of investments are being sold, the inventories can be compiled in the data room to help create a clear analysis whenever needed. The virtual data room has a wide range of use cases and is extremely flexible.
Major Use Cases for virtual data room solutions
- Virtual data rooms during due diligence processes
- data room for the sale of a company
- data room for the compilation of inventories
- data room for the exchange of confidential information (like contracts, HR documents, etc.)
- data room as a supplement to customer databases
- data room for international projects
- data room for the real estate industry
- data room for investments
- data room to complement financial transactions
- data rooms for investment bankers
The docurex® Data Room is therefore a comprehensive solution that offers a high degree of data security and at the same time is easy to operate.
What to check when choosing a virtual data room provider
Apart from the pricing for a data room, there are a couple of things you should consider when choosing a virtual data room solution:
- Your data room provider should have a lot of experience and be able to show case existing customers
- The data room provider should have testimonials and a track record in your industry or niche
- The data room solution should be easy to use, also for people who are not very familiar with IT
- Your data room provider should have sufficient customer support
- The data room application should offer different access levels depending on user role (owner, administrator, guest)
- The data room should offer a wide range of features (like watermarks, full text search, document comparison, a document highlighting feature, etc.)
- data room should be highly scalable and offer unlimited users and data storage
Store all kinds of documents
Over the years, small and large companies alike accumulate numerous documents they need to retain. The law sometimes stipulates retention periods of ten years or more when invoices, contracts or inventories are involved. In the long run most companies using virtual data rooms transfer all their confidential contracts, invoices, and sensitive documents to a virtual data room.
Seamless Integration with your Brand and Technology
Today a virtual data room can adapt to your corporate identity which makes the data room an extended IT application for your business. Most virtual data room providers have also implemented automated interfaces (API in IT terms) to connect existing applications or processes of your business to data rooms around the globe.
Tag your documents so that they can be rapidly found using the convenient search function. Create folders for each year or month, thereby setting up your very own structure. There is no limit to the number of documents you can store in secure data rooms. Scan each document and store it safely. Define individual access and benefit from the security mechanisms provided by online data room providers. Your data will never be lost and remains accessible at all times.