Virtual document storage is the conversion of physical files to electronic documents that can be shared due diligence processes stored, accessed and shared. It can help reduce the amount of space needed to store physical files and can also enhance security by locking specific parts of a document to certain users. This is particularly beneficial for companies that handle many papers. Paper documents are difficult to track and secure, and can be more susceptible to theft and destruction in a disaster such as a fire. Electronic files are simpler to track and less likely to be lost. They are also more resistant to destruction.
It is important to consider how easy the system will be for you and guests when choosing a secure document management system. You should also think about the ease of uploading and downloading documents. Find out if the company offers support, and how accessible it will be.
Who hasn’t accidentally deleted important files on their computer? Common file sharing platforms such as Dropbox and Google Drive might be better protected but they do not have the ability to organize files into a meaningful order that is consistent with your company’s or industry’s needs. Online document systems can accomplish this and even provide audit logs on who has viewed which documents.