The expression “data room” conjures up images of pushing through a heavy security door into an overly lit room filled with box files and the constant hum of giant computer servers.
Completing the spy movie-like scene is a lone desk and chair for the poor soul assigned to making sure all this confidential data is kept away from prying eyes and shown only to those bearing the right security clearance.
Today, thanks to the genius of the cloud, physical data rooms are becoming a thing of the past. They are cumbersome, take up a lot of costly office space and despite human efforts, are not entirely secure.
Instead, we’ve entered the era of virtual data rooms (VDRs). These VDRs have become essential to modern business transactions by providing a secure online repository where sensitive documents can be stored, managed and shared – with the right people of course!
𝗕𝘂𝗶𝗹𝘁 𝗳𝗼𝗿 𝘀𝗵𝗮𝗿𝗶𝗻𝗴, 𝘀𝗲𝗰𝘂𝗿𝗲𝗹𝘆!
There are many reasons why an organisation might need data room functionality, with “for your eyes only” access, such as regulatory compliance, strict data protection, legal and financial audits, and due diligence. Various scenarios come into play: law firms sharing case files, property companies involved in real estate transactions, and non-profit organisations needing to protect donor details while fundraising.
Whatever the need, safe document sharing and management between a company and its external partners is essential. The cloud, especially platforms like Microsoft’s SharePoint, makes this possible.
However, while SharePoint is ready-made and fit for purpose, given the sensitive nature of the work and the high stakes, it’s wise to have experts implement the necessary systems to ensure everything is secure.
𝗪𝗵𝘆 𝗯𝗲𝘀𝗽𝗼𝗸𝗲 𝗶𝘀 𝗯𝗲𝘁𝘁𝗲𝗿
At HG Technology, our VDR experience spans over a decade across multiple industries, where each project requires a tailored solution. For instance, Pro Bono Economics helps charities and social enterprises understand the value of their work by matching volunteer economists (called Economic Associates) with charities that need their expertise.
They asked us to create a user-friendly, self-service portal that their Associates could access to store documents and interact with each other. Internal staff also needed access to this central repository to easily transfer documents between internal and external systems.
Our SharePoint implementation was highly successful, with Gemma Bruton, Director of Services at Pro Bono Economics, saying: “We needed to create a portal enabling us to interact securely with our external consultants, and HG Technology’s experience and understanding of our business was invaluable in delivering a solution.”
Moreover, because the software allows everyone involved to track a project’s progress from a single place, there is greater interaction between internal and external teams, promoting a more focused, results-driven culture and collaborative environment.
𝗧𝗵𝗲 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗼𝗳 𝗖𝗹𝗼𝘂𝗱-𝗕𝗮𝘀𝗲𝗱 𝗗𝗮𝘁𝗮 𝗥𝗼𝗼𝗺𝘀
Some key benefits of cloud-based data rooms include enhanced security features like encryption and multi-factor authentication, and improved access control, where administrators can determine who can view, edit, or download documents.
VDRs also offer excellent audit trails by tracking and logging user activity, providing a detailed record of who accessed which information and when. Regarding document management, users can efficiently upload, organise, and handle large volumes of files. As the Pro Bono Economics example demonstrates, multiple parties can securely collaborate and communicate while maintaining confidentiality.
At HG Technology, we predict that demand for Virtual Data Rooms will continue to grow as the importance of security, data protection, and regulatory compliance increases. If your organisation would like to learn more about our approach to implementing bespoke systems, please get in touch.
