At the beginning of this year, I started my career at a major company that specializes in providing different virtual data room services. And from that time onwards my family, friends and acquaintances have been showering me with congratulation messages. To be honest, the “congratulations” are always followed by some detailed questions, all regarding my new position. Even some old connections have again contacted me just to start a conversation about my new job. To start with the basics, my company happens to be a SaaS (Software as a service) virtual data room provider. It came into the business to cater to the needs of different pharmaceutical, biotech, energy companies, private equity and investment banks operating all across the world.
If you ask anyone about their company’s specific software functions, they will tell you that it is very difficult to answer this question because of the ever-changing dynamic world of SaaS. For this reason, many people also fail to explain how their company happens to be a crucial part of not only the world of technology, but also the world as a whole. I, on the other hand, do not face such difficulties. In fact, it is very easy for me to describe everything about this kind of service.
Everything about the virtual data room is quite easy to explain as the product itself is very easy to figure out. Let’s start with the name of this very product. Well, believe it or not, but the name of this product was actually taken from the old processes where the involved M&A professionals had to literally enter a physical room full of data which these M&A professionals has to go through in order to perform their due diligence. The biggest difference between then and now is the fact that this process has become virtual, meaning there are no need for a physical room or place that will hold all the related data.
So, in very simple words, by getting involved with a company like mine, you as the client will have the option to upload any kind of information into a virtual or online location that is secured and easy to use. This uploaded information can be anything from documents or folders full of images or video clips, and also it can be viewed by other parties involved, only if they also enter that specific virtual data room used by you.
I know exactly what you are thinking, as every time I use these words to explain virtual data room, everyone reacts the same way! You must be thinking that it is exactly like a “Dropbox”. It is understandable why you might come to this conclusion like everyone else I discussed this topic with, as it does sound like what “Dropbox” does. But, know that this is not the case at all!
Our role when it comes to the vast and unique world of virtual data room happens to be far more complex than Dropbox. So, it is safe to say that, no, a virtual data room is not like Dropbox. Now the question comes, why or how is it different. The main reason is because the world of this kind of service happens to be much larger than what people anticipates due to its many different uses of the world of technology and where it is used every day.
The thing about Dropbox is that even through it happens to be very helpful when it comes to consumer level use, but it falls short when it comes to functionality and as well as security. Now, for personal use and especially for professional level, functionality and security are two of the most important or required characteristics when it comes to anything related to this kind of service. With accurate and effectual functionality and security, the professional can manage accurately and effectively any kind of sensitive and confidential transactions, files or project.
In the beginning, my company was used by investment banks for anything related to M&A transactions only. But, because of our growing reputation of providing the best high-level of security and that too at an affordable price, we are now trusted by many different corporations. With the help provided by our virtual data room, a large corporation can easily and securely manage different numbers of offices under it or working for it along with the RFP processes. We can also help in matters related to different instances where the information of the large corporation (the client) will be shared with a third party or many external parties.
When it comes to functionality and security, we make sure that our clients are getting the best. We know that in this huge world of market and information shared via virtual data room, it is quite troublesome and time consuming to work with a technology that is hard to figure out and/or use. Thus, we also have made sure that our product is user-friendly and easy to understand by both the client and its audience i.e. the external parties.
After working for my company for quite some time now, I can see why this very company have a good reputation and how it was able to maintain its success and popularity over the last decade. What I came to realize that most successful and experienced service providers of this kind make sure that they do not see data room software as a means to an end or as a standard commodity. This is the reason why I think this kind of service providers will keep on dominating the world of SaaS for the years to come even.
The products provided by this kind of service provider, are designed to be a tool that can successfully add to the experience of anyone who are connected to the project of the client. In fact, in order to make sure that the clients always get the best experience, the company works day and night and also search and research to improve their methods and platform to provide a great customer experience. They are also known for investing a lot in their people. This is done to ensure that every aspect of their company is in top-notch condition, and can provide everyone with what they desire effectively and quickly.
Thus, I’m confident to tell you that if you happen to be in a professional role who is about work on a new project, then do consider a good virtual data room service provider as they can help you to fulfill your goals with their advance and unique technology.