Virtual Data Rooms have come a long way from their main purpose as a secure platform for confidential document sharing. Data Rooms are now moving beyond the transaction space, a shift fuelled by the wide spread acceptence in the finance/IT world. In IT-speak, migration is the process of changing from one platform or operating environment to another. It usually involves the transfer of large quantities of data, and typically happens when your server or storage becomes insufficient to meet your needs.
If you’ve been storing all your confidential company information on an internal server that’s rapidly becoming too small, this would be a good time to migrate over to a cloud storage platform such as a virtual data room.
Benefits of Cloud Storage
Apart from the obvious benefit of avoiding the cost associated with buying a new server, there are a number of other advantages associated with this new technology.
#1: Lower Risk of Data Loss
If your server crashes (and it happens more often than people realize) you risk losing quantities of valuable information. Unless you have very strict backup protocols in place and have someone changing your tapes on a daily basis, chances are you’re going to lose something. And even if you don’t, the resulting hassle of restoring everything, sorting through duplication and recreating all the links and shortcuts can be a nightmare. A reputable virtual data room is backed up constantly throughout the day on reliable servers, so practically all your data is safe and can easily be restored.
#2: Increases Agility & Responsiveness
Nothing is a slow as an overstuffed server. Ever had the experience of trying to access a document and having to wait while it loads? And wait.. and wait.. Cloud storage is huge, and a virtual data room has enough space to accommodate everything bit of your data without choking the operation. Migrating your data storage over the cloud will increase the agility of your system and lower your wait times significantly.
#3: Increased Productivity
Your data is always available from anywhere, so employees can work anywhere, anytime. That means you—and they—don’t have to be in the office to get the work done. If you’re traveling, you can still work. If you’re home sick, you can still work. And if you have an emergency over a weekend, you don’t have to spend the day in the office to deal with it, you can do it all from wherever you are.
Choosing the Right Service Provider
Of course, all this only applies if you choose the right virtual data room provider, so here’s what to look for:
Experience in secure Enterprise storage business: you wouldn’t employ a security provider without evidence that they know their job, would you? So don’t just pick a cloud storage provider based on their offering the lowest price.
Knowledgeable about storage design: with the rapidly-growing quantities of storage out there, a virtual data room needs to be able to design systems with optimal data placement and intuitive insights, so you don’t have to sift through tons of data to find what you want.
Flawless security and compliance: protection against hacking and viruses is paramount in these days of Wiki-Leaks and other threats, and a data room provider needs to be compliant in industry best practices. The service provider you choose must also be able to show tight employee access controls and physical equipment security.
It’s not just about the cloud’s enterprise storage capabilities, either. A virtual data room offers you a range of other options you simply can’t duplicate from your own server. These include the ability to exchange documents securely during high-profile transactions such as mergers, acquisitions and IPOs without having to resort to sending them by email.
At the end of the day, it all comes down to finding the right service provider for your company’s needs.