A featured contribution from Leadership Perspectives: a curated forum reserved for leaders nominated by our subscribers and vetted by the Construction Tech Review Advisory Board.
Today it is not the question “if” but “how thoroughly” will entrepreneurs implement digital online tools after their daily work returns to normal. What managers have been experiencing is a sped-up adaptation process of the inevitable: the shift towards remote, digitalized, yet highly efficient company organization that future is about to bring with or without coronavirus.
Along home office, there is a whole variety of tasks that currently need to be completed online in a business environment defined by the lockdown. It includes audits, HR operations, communication with business partners and lawyers, whereas, in many cases, added to this scope is now also the unexpected necessity to restructure. In tough circumstances that caused the very problem itself, companies are trying to find new sources of financing and seek investment opportunities as market lockdown made some of them to change plans. And they need to do it conveniently and securely online.
Securing sensitive data is one of the biggest challenges of companies in the remote mode. Are companies taking necessary measures to ensure good operational flow and at the same time protect confidentiality? Is the way of sharing confidential documentation secure enough? Teams do work on daily tasks using popular cloud-based software. However, processes that involve sharing financial, strategic and confidential information that is strictly protected by law demands adapting dedicated tools.
Tools for secure information sharing
The situation many companies are now in resembles being a side of the deal on mergers & acquisitions market. Quite literally, these companies or their organized parts have become assets that are looking for investments opportunities or are adopting new business models during the lockdown, even though most of them did not even think about such an option three months ago.
This is why it is important to address this issue to company owners. In the current economic landscape Virtual Data Room system can streamline all business endeavors entrepreneurs might want to pursue - exactly the same way it helps M&A professionals bring deals to a closure. Firms of all sizes can not only secure confidential documents with data room, but also boost decision-making, speed up activities such as audit or issuing of legal opinions, save on operation costs and help increase asset valuation. Why not choose a proven solution in a business environment struck by the pandemic? On the other hand, some activities could not be even doable at the moment in many European countries, as lawyers and business professionals are also working remotely. Saving time and taking remedial action early enough in order not to lead to a situation where the only option that remains is filing for bankruptcy, are as important as company external aid.
Cybersecurity will matter more than ever during this period. Reports say that in the USA alone the number of hacker cases related to remote work has doubled since the beginning of the lockdown. Virtual Data Room is a much more safe alternative to the most vulnerable popular tools such as email, FTP and many cloud collaboration tools, and provides security to documents and communication at the electronic banking level. M&A professionals know and rely on VDR systems in world’s biggest transactions. Yet the practices that come along and the tool itself are completely scalable and ready to support deals and restructuring processes of any size. In unusual circumstances like these, enterprises big and small can share confidential information with lawyers, banks, clients, investors and auditors in a controlled and easy way too.
As a VDR provider, we are observing an increased movement in distressed M&A, which is closely related to the restructuring trend. What we believe is a natural step forward in the current environment is getting the message across to as many small companies as possible, because they can all rely on Data Room in a number of proceedings, yet might not know about its existence.
With VDR, sharing documentation and making assessments will be easy and quick for them, one of the main advantages being a safe and convenient work from home of each participant. Auditors, lawyers, investors, business partners and trustees will not need to visit company office to access the most confidential data, which is a great leverage for those businesses. Ability and control over restructuring/acquiring process might be the key to unlocking new opportunities.
Being the provider, we also try to do our part by fixing technological solutions with the speed of our customer support team, so that using FORDATA VDR results in shortening of project completion time and thus help save resources. This approach aims at a seamless cooperation of clients, guest users and dedicated project managers. In case of any questions, we will pick up calls in 15 seconds, 24/7. 95% cases are solved immediately, and the tool is ISO 27 001 certified and GDPR compliant. Both M&A professionals, whom we have been working with for over 11 years, and small companies in need of new tools for remote work will benefit from our system.
As part of helping the fight against COVID-19, we are currently offering all companies a free one-month voucher for FORDATA system, redeemable until the end of 2020 for any past or future contribution they have made to support pandemic victims. We believe that in this way we can help twice.
