Data storage is vital for businesses to run efficiently and smoothly. Whether it’s an electronic file such as a spreadsheet or image the right data storage solution can be the difference between a successful and unsuccessful business. Virtual data storage can ensure that the appropriate files are always accessible to the appropriate people, while also securing confidential information.
These digital files, unlike the physical files that are stored in filing cabinets or other storage devices, are stored on secure servers. They are easily accessible by users through a web portal, application programming interfaces (APIs) or client software. These solutions allow you to share documents between internal team members, external contractors, and clients.
Some of these services include file syncing, which helps keep versions of files on local servers, end-user devices as well as the cloud in sync. They also offer backup and recovery capabilities. These systems are costly for businesses that manage massive amounts of data.
Virtual data rooms are typically employed in business transactions to store and transfer highly sensitive documentation. They are particularly beneficial in M&A, when parties must perform due diligence prior closing an agreement. These services can significantly streamline the process, and also facilitate effective communication between different parties.
The life sciences sector has its own unique requirements for data, such as the protection of intellectual property rights and patents. These companies often join each other or raise capital, so protecting their valuable intellectual portfolio is crucial. These companies may also be required to share documentation with regulatory agencies which requires a customized platform.