With sophisticated security mechanisms and multiple collaboration tools, a virtual data room has become an agent of positive change across industries. In particular, this software is a reliable way for industrial and transport companies to protect privacy, prove compliance, and collaborate seamlessly with partners across borders.
Read on to learn more about the functionality of data rooms and the best products for your needs!
What is a virtual data room for industrial & transport companies?
A virtual data room for industrial and transport companies is a highly secure cloud-based solution for storing and sharing confidential data. Also, it provides a feature-rich and safe environment for multiple-party collaboration. In addition to daily workflows, the platform is widely used for streamlining complex transactions such as M&A, due diligence, fundraising, initial public offerings, etc.
With data rooms, industrial and transport companies get everything necessary to meet various business needs, including organized data and user management, protection of sensitive documents, seamless collaboration, and compliance with cybersecurity standards.
What do VDRs have to offer to industrial & transport companies?
As is known, the industrial and transport segments are capital-intensive and highly regulated. Moreover, external factors such as economic and political conditions, regulatory issues, transportation and infrastructure developments, and technological advancements can make you fall off the pace and lose your competitive edge.
With all these challenges in mind, data room providers have created a one-stop solution that works effectively for each aspect of your business. Here is what the software offers:
1. Security
Virtual data rooms ensure absolute immunity to breaches for industrial and transport businesses, from data hosting to file access. In particular, providers employ data centers featuring physical security best practices, strict access policies, and uninterruptible power. Multi-layer data encryption in transit and at rest makes your documents unreadable to intruders. Disaster recovery, in turn, ensures data integrity even in an emergency.
Since the software was designed with security as a top priority, the product’s core also includes real-time data backup, multi-level document access rights, watermarks, multi-factor authentication, time and IP address restriction, AI redaction, remote wipe, fence view, and many others.
| Alarming statistics on breaches! In 2022, manufacturing and transportation entered the top ten industries most susceptible to cyber attacks, with 24.8% and 3.9% indicators, respectively. And even 2023 has already had a sensational incident. In November, Boeing announced their data had been breached and published by the Lockbit group. According to experts, the group is tied to Russia and has hacked about 1,000 victims worldwide, extorting over $100 million in ransom. |
2. Compliance
As mentioned, industrial and transport corporations are highly regulated, requiring meticulous attention to compliance across various operations.
Fortunately, online data rooms have a solution that adds a layer of protection for your business. Working under international standards such as GDPR, ISO 27001:2013, SOC 1, SOC 2, SOC 3, NIST, and HIPAA, a provider makes all your processes compliant and eliminates your business, legal, financial, and reputational risks.
3. Real-time reporting
Data underpins businesses across industries. Action drives progress. Real-time reporting provides insights for decision-making.
To give industrial and transport leaders deep insights, a data room platform offers a comprehensive activity overview of individual users and groups. Thus, you can track views, prints, forwards, and downloads and monitor the most active users and data room sections of interest to stakeholders and investors. All this makes real-time reporting invaluable when making business decisions and monitoring workflows.
4. Granular permissions
Another way businesses improve security with data rooms is by giving access to authorized users only based on their needs and tasks. Also, granular user permissions allow easy but secure data access for investors, auditors, advisors, and lawyers according to their jobs during multi-party deals.
For all this, a virtual data room provides the ability to control access to documents at the viewing, printing, downloading, sharing, and editing levels for internal and external parties. No one can change access settings except a VDR admin.
5. Collaboration and support
In addition to internal collaboration, industrial and transportation companies often collaborate with external partners such as contractors, service providers, or regulators. Moreover, for internationally operating organizations, collaborative workflows can become a real cross-border challenge.
A data room solves this problem by providing easy (yet secure!) data access, advanced Q&A modules, private and group chats, comment features, and real-time notifications. Thus, each participant stays in touch regardless of location.
As for support, the best VDR vendors are available 24/7/365 by phone, email, and chat to solve your technical issues instantly.
VDR vendors differ in features and services, which makes them more or less suitable for the industry. So, check out our list of the top products to choose wisely!
Our selection of data room software
The following virtual data rooms for industrial & transport companies are the most suitable for conducting audits.
1. iDeals
iDeals virtual data rooms is an industry-leading security and reliability provider that perfectly combines sophisticated data protection mechanisms and a highly intuitive interface. According to reviews, this software is the easiest to use. In addition to robust security and user-friendliness, the provider excels in expert technical support with 24/7/365 availability, 30-second response time, and dedicated project managers fluent in 11 languages.
Top features for industrial & transport companies
- Two-factor authentication
- Time and IP access restriction
- Granular user permissions
- Fence view
- Full audit trails
- Heat map reports
- Q&A with auto question assignments and bulk actions
Compliance: ISO 27001:2013, SOC 2, SOC 3, GDPR, HIPAA
G2 rating: 4.7 (259 reviews)
2. Intralinks
Intralinks’ dynamic and feature-rich workspaces enable users to streamline complex workflows and ensure compliance. The provider claims to handle over 6,000 complex deals yearly, which is possible thanks to superior document security and easy data sharing without risks.
In addition to round-the-clock and multilingual support, users get assistance with the quick software launch.
Top features for industrial & transport companies
- Multi-factor authentication
- 256-bit AES encryption
- Permission management with 16 user roles
- Basic Q&A
- Secure user messaging
- AI redaction
- Access from any device
Compliance: ISO 27001:2013, SOC 1, GDPR, SSAE 16, HIPAA
G2 rating: 3.6 (22 reviews)
3. Venue DFin
Venue DFin data room is a product of the fintech company DFIN Solutions, characterized by adaptability and an expanded set of artificial intelligence features. The provider offers solutions for any document flow, from internal communications to mergers and acquisitions. Support reps are available 24/7 to resolve technical issues. Also, they provide users with in-depth training.
Top features for industrial & transport companies
- Multi-factor authentication
- 256-bit encryption
- Watermarking
- Multi-file redaction
- Symantec virus scanning
- Role-based access control
- AI contract analytics
Compliance: ISO/IEC 27001:2013, SOC 2 Type II, HITRUST
G2 rating: n/a
Conclusion
Now, let’s summarize the most important things about virtual data rooms for industrial & transport companies:
- Industrial and transport companies can safely store and share confidential data using a virtual data room. In addition, they can use it as a secure and feature-rich environment for multiple-party collaboration.
- Overall, a data room provides security, compliance, real-time reporting, granular user permissions, collaboration tools, and technical support. Each of these offerings includes a host of helpful features to streamline workflows and deals.
- iDeals, Intralinks, and Venue DFin are the best options for industrial and transport organizations. These platforms offer secure and user-friendly interfaces, advanced data encryption, and multi-level access controls to ensure maximum privacy protection.
Explore the vendors’ websites, or learn more about top data room providers on our main page!
