The Digital Data Vault       

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With the technology boom, it has become apparent that digitization seems to be the way forward when it comes to business related services and products. Each day, businesses across the world lean more heavily on technology, integrating it deeper into its operations. Analogue, offline processes are digitized one by one and everything from book keeping, content creation, documentation, corporate records and even employee records are stored as digital data.

The advent of cloud computing has been key when it comes to sharing and transferring thoughts and ideas rapidly. It allows for teams that do not necessarily share a physical workspace, to collaborate seamlessly. It is one of the primary factors responsible for corporations creating remote organizational structures, improving efficiency and curbing logistical delays. Data can be shared in real time allowing for global companies to create exceedingly efficient processes across their various teams. This has led to the arrival of the remote economy that many companies embrace with the same enthusiasm as the talent they chase. It has led to the creation of massive organizations such as Uber and Airbnb whose primary assets are the technology platform they are built on.

With all its benefits, the cloud finally ran into one of its biggest obstacles. As such organizations grow, the open cloud based structure doesn’t quite work when high value data is involved. Whether it is confidential financial documents, trade secrets, legal documentation or even data from research and development, there is always a hesitancy when it came to sharing this data on open networks. The risk of any security breach, for a long time, justified the substantially high cost of maintaining physical security measures required to protect this data.

It was, however, only a matter of time before technology caught up. The virtual data room, an efficient alternative to a physical data room has come to the forefront and quickly began to gain momentum. Not only has it become as secure as its physical counterpart, but for many businesses across the world, it is beginning to elevate itself from a luxury to an integral part of the business.

The obvious benefits are no secret; it is cheaper to set up and the upkeep is almost insignificant compared to its physical counterpart. With the right backup structures in place, it ensures the data will last forever and dependency on paper document and physical files will become obsolete. VDRs also make the international commute to access documents seem tedious and, ultimately, pointless since they can now be stored and viewed in the palm of your hand.

Apart from these benefits, there seems to be an interesting upside to having a virtual data room. With companies driven towards landing rounds of investment, having the ability to project them selves as transparent and accountable has never been so essential. The VDR goes a long way when it comes to projecting this accountability. As soon as an investor can be given access to confidential documents in a remote location without compromising security, it helps develop trust at an early stage.

In 2015, global companies spent 4.2 billion dollars on mergers and acquisitions in 2015. These have always been complicated and cumbersome processes. It is within this difficult process, where the true value of VDRs comes to the fore. Not only have they become an indispensable tool to simplify these operations, but they have also managed to actually expedite them.

Today, VDRs are at the core of a variety of organizations. Even governments are wholeheartedly adopting the benefits of this rapidly growing trend. They depend on the secure storage to offer and accept bids for tenders to take up public sector works. The insights VDRs can provide are instrumental when it comes to gauging interest from potential bidders as well as determine points of concern and negotiation in these instances.

With the industry comfortably over a trillion dollars in size, it is no longer apt to call the advancement of VDRs a new trend. It is evident that we are creating digital data at an astounding rate. Studies indicate that 90 % of all the data ever created was created in the past two years and the growth rate continues to expand exponentially.

With that much data being created, there is no doubt that the need to protect it will continue increase. By its nature, data is almost assumed to be sharable and easily transferable. It is at this meeting point between access and security that the need for VDRs is at its greatest. As time progresses they are only getting better at not only fulfilling this need, but also providing neat solutions to more complicated problems. There is no questioning the fact that they will continue to remain integral to businesses. Furthermore, the excitement lies the momentum at which they have and will continue to find their way into our daily lives, transitioning seamlessly into consumer driven technology that will inevitable impact the way we live.

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