The Covid-19 pandemic has left a marked mark on the future of humanity. Now remote work is becoming more and more common and, in many cases, a remote job is even more effective than working in an office. So, during this challenging period, entrepreneurs have come to the aid of virtual data rooms. These unique data room m&a have been able to take the M&A and due diligence process and many other transactions to a new level, but the video conferencing feature is not present in all vendors. So when will it become more common?
What are virtual data rooms, and how have they impacted the field of business?
A virtual data room is a digital space designed to store and share documents securely. Their security features are high, allowing companies to exchange data, both internally and with potential partners, freely. Thus, VDRs allow for various complex transactions, such as due diligence, mergers, acquisitions, IPOs, fundraising, and more.
They provide collaboration and communication features so that despite the distance, you can also perform your duties efficiently. This has unequivocally reduced the time and cost for companies, allowing them to build solid relationships and clarify even the most personal issues within the space. To perform this, VDRs use features like an encrypted chat or question and answer section, collaborative editing capabilities, and a feature to anchor comments. However, when agreeing, both parties still want to talk “live” for once, so today’s VDR developers are increasingly starting to include video conferencing in the functionality. This is not the most common feature of data rooms, but it can be essential now.
Virtual collaboration room functionality – the benefits of virtual conferencing
Given the challenging, recent work environment, remote working is an excellent way for a company to stay productive. However, small businesses or self-employed entrepreneurs can’t implement complex IT structures within the company to provide secure remote working with confidential documents. The virtual data room is a great alternative that fits absolutely everyone.
VDR’s video conferencing feature is a state-of-the-art remote communication capability that allows you to exchange ideas, questions, and confidential information in real-time and completely secure environments. Furthermore, video conferencing will enable you to show other participants presentations, graphics, or videos. In addition, VDR video conferencing has the following benefits:
Significant productivity gains – Participate in necessary negotiations and presentations without leaving your own office. This allows you to solve many issues in the shortest possible time
Strengthen relationships between partners and employees – Despite all the benefits of correspondence in a secure location, live communication is essential to understand and trust each other. With a video meeting, your due diligence process, or another, will go much faster
Multipoint conferencing – invite users from anywhere globally to participate in the conference. They can use any device for the presence
Efficiency -Videoconferencing allows you to show through the screen the material you need, which is much more convenient than talking on the phone
Integrating video conferencing into VDRs: when to expect?
The conferencing feature is far from new to virtual data room developers. Vendors like Intralinks and iDeals have long practiced video and audio conferencing in their spaces, but video conferencing is not yet on the list of essential features. As the VDR market evolves, we can assume that new integrations will begin to move into action as early as 2022 actively.