When it comes to secure document sharing in critical business processes like due diligence and mergers and acquisitions, Virtual Data Rooms (VDRs) act as an indispensable tool. Compared to what virtual data rooms started from, they have undergone a massive evolution both in terms of security and collaboration.
As we are talking about this, there are currently many developments undergoing to make virtual data rooms more and more functional. This involves the involvement of AI, machine learning, blockchain, and many more technologies like these.
Keep reading the paragraphs below to find out the top future trends in virtual data rooms.
Artificial Intelligence (AI) Integration
As more and more advancements are underway, the availability of artificial intelligence has become crucial. When this happens, the documents in your data room will be automatically tagged and categorized based on their content.
This will make it easier to categorize and organize documents in the data room. Also, the AI can help you read and summarize lengthy documents. All you have to do is use the AI tool to summarize your documents and use these summaries to extract the important information from your documents.
The AI will also enhance the security of your virtual data room and will also look for any potential data breaches in your data room.
Blockchain for Enhanced Security
You probably have heard about the security of blockchain technology. When blockchain is integrated into virtual data rooms, you will see the enhanced security and transparency features of a VDR. Blockchain works by creating records of every transaction and ensures accountability.
The automation due to blockchain will lead to contract automation as well. The smart contracts due to blockchain will work towards automating VDR operations. This includes granting access permissions and managing other tasks as well.
We all know the biggest feature of blockchain is decentralization. So, it will decentralize data storage and access control, thereby reducing the risk of data breaches and aiding digital transformation.
Enhanced Collaboration Features
Remote work is everywhere. From new startups to established organizations, every business is looking to hire remote workers to save workplace costs. However, there is one drawback to this mode of work. Businesses often face collaboration problems when managing employees from afar.
This is where virtual data rooms come to help you. They offer more robust collaboration features, including real-time collaboration on documents and advanced communication tools. This will make it seamless for the team to work together even when they are in different time zones.
Businesses can also integrate project management tools in VDRs to create a unified workspace for their teams. If you are a business looking to improve the collaboration of your teams, we recommend you try and use Firmex’s Data Room Product, specially built to improve collaboration within an organization.
Improved User Experience (UX)
Until now, VDRs have been somewhat difficult to use for non-tech persons in the company. So, the current focus is on building an improved user interface. Soon, VDRs will feature more user-friendly interfaces, reducing the learning curve and increasing user adoption.
Also, developers and designers are working towards making them responsive and optimized for mobile devices. This will make it easy for mobile users to use data rooms on their mobile devices.