Before the advent of internet and cloud technology, documents and other files had to be stored in physical data rooms that required staff, couriers, abundant paper supplies, and other costs. Besides such financial burdens, business people using physical data rooms also had to travel to the storage location site, and then spend time sorting through and reviewing copious stacks of paperwork. What a costly hassle!
Today, though, such expenses, wasted time, and inefficient practices can be avoided, and the need for physical data storage eliminated, with the use of Virtual Data Rooms. In fact, a 2012 report by IBISWorld calculated growth in the Virtual Data Room industry at more than 17% per year, the result of increasing technological advancement and our global economy’s for more online services.
In Virtual Data Rooms, or VDRs, documents and other files are stored securely on an online server, where multiple users can easily and efficiently access, share, and manage vital information simultaneously, without the risk of theft or information loss.