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| PHOTO BY: http://www.technected.com |
BY: MOHD EZLI MASHUT
SMART BUSINESS STRATEGY: Emerging tech trends will transform how future business and growth as they continue to become more sophisticated and businesses find even more innovative uses for them.
The internet of things (IoT) that could have the biggest impact, as it continues to transform manufacturing and production. The so-called “fourth industrial revolution”, also dubbed “Industry 4.0”.
Virtual Data Room (VDR) are innovative and smart solutions intended for the secure sharing and storage of documents during various businesses processes.
Demand for these repositories has expanded greatly over the past ten years, and virtual data rooms have begun to used widely in different fields for various purposes
According to IBISWorld, from 2009 to 2014, the virtual data room industry grew at an annualized rate of 16.7 percent and it is expected to grow from $628 million in 2012 to $1.2 trillion by 2017.
The growth of VDRs is expected to continue at a strong pace as the shift to digital gets more entrenched and as consumers see the benefits of sharing data--consumers that have fueled Dropbox's growth to 50 million users.
What Is An Online Data Room?
Data rooms are spaces used for housing data, usually of a secure or privileged nature. They can be physical data rooms, virtual data rooms, or data centers.
They are used for a variety of purposes, including data storage, document exchange, file sharing, financial transactions, legal transactions, and more.
Benefits Of A Virtual Data Room
1. Save time
Virtual data rooms can be set up for access typically within just a few days. They can be accessed by multiple potential bidders at the same time, 24 hours a day, 7 days a week.
2.Save money
While the initial costs of setting up a virtual data room may seem high, it is generally more cost effective in the long-run as compared to a physical data room.
Virtual data rooms do not require hours of lawyers time to copy and collate hard copies of documents.
Virtual data rooms allow multiple parties to access the information from their computers anywhere in the world, saving on travel costs required to visit a data room in a physical location.
3. Increase efficiency
Virtual data rooms allow for a more real-time, interactive due diligence process, preventing potential bidders from having to return to a physical data room multiple times when they have questions or need to further review documents.
Virtual data rooms can be setup to send email alerts when new documents are uploaded, immediately informing potential bidders of new material for review.
Virtual data rooms make it easier to ensure that documents are not overlooked as they clearly indicate when documents have not been viewed.
4. Improve understanding of deal progress
The activity log in a virtual data room indicates which documents have been reviewed, who they were reviewed by, and the length of time in which they were reviewed.
This data can glean insight into the interest level from potential bidders and can highlight any concerns and points of negotiation that could arise.
Global Virtual Data Room Market Set to Witness an Uptick of USD 1,836.47 Million by 2022.
The global Virtual Data Room market has seen a potential growth over the past years. The Virtual Data Room industry is estimated to reach USD 1,836.47 Million in 2022, growing at a CAGR of 13.90% between 2017 and 2022 according to this study.
REFERENCE ARTICLE:
1. https://www.huffingtonpost.com/zach-clayton/the-virtual-data-room-boo_b_8956006.html
2. https://www.inc.com/best-industries-2013/jeremy-quittner/virtual-data-rooms.html
3. Wikipedia
4. https://chiefobserver.com/2017/12/global-virtual-data-room-market/
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