If you want your business to gain loyalty and trust, establish proper communication channels with your clients. Both a client portal and data room virtual software help you offer consistent information and timely updates to clients. Here are a few of the main differences between these two options:
Client Portal
The client portal enables new customers to view specific details about a project via a secure online platform. The information may be messages between the company and the clients, updates about the project progress, and documents. Since the online platform is secure, clients can request project modifications, schedule tasks, and complete billing.
The online platform can be a website or app that customers can access from any computer or mobile device. Both the app and the website allow the client to have greater control over the transmission and storage of their information.
How It Works
A client portal is very easy to set up and integrate with your workflow. Oftentimes a portal just requires the client to sign up by creating a username and login. The portal may contain details about the project, like timelines and deliverables. After the client logs in, you can update the modules and provide progress as the project progresses. You can also include helpful materials and documents to help the client understand the project.
Benefits
The main advantage of a client portal is the ability to share information with clients quickly. Your customers can sign and submit any documents without incurring extra expenses of printing and posting documents. Customers can view data changes in real time instead of waiting for a call or a face-to-face meeting.
The client portal also helps you to comply with existing regulatory demands, especially data security requirements. Since the client portal is secure, data breaches or losses are less likely to happen.
Another benefit of the client portal is that customers get a holistic view of their finances. The portal may allow clients to connect their credit cards and bank accounts, providing a complete view of finances.
Data Room Virtual Software
A virtual data room (VDR) is a secure online document distribution and storage repository. Companies often use a VDR to do due diligence during financial transactions such as loan verification and private equity. Traditionally, the due diligence might have happened in a physical data room. Physical data rooms may be costly and can have poor security and efficiency.
Virtual data rooms usually are websites that have limited and controlled access. The creator of the VDR can disable access at any time, especially if a bidder withdraws. Also, the creator of the VDR can place restrictions on information shared with third parties.
Uses of a VDR
The VDR is an extranet where multiple parties can store and view data. Your company can use a VDR to accomplish the following tasks:
- Safely store valuable private data
- Securely share data between external and internal stakeholders
- Track project management by providing regular updates and viewing submitted documents
- Monitor access to documents, including edits, shares, and requests for individual documents
- Offer a general overview of access hierarchies
For the VDR to be effective, it must have accurate data structuring.
Benefits of a VDR
VDRs are a strategic, cost-effective, and efficient tool for dealmakers. Here are some of those benefits:
Quick Sharing and Organized Information
The VDR can automatically optimize and organize information. Clients and employees will spend less time browsing and finding suitable files.
Faster Transactions
Your clients and investors may benefit from faster transactions if you get a virtual data room. Clients don’t have to physically visit your office to complete sensitive transactions. Everything can be done remotely while still keeping documents secure.
All-Day Remote Access
There are no access restrictions, as you can access the data anytime as long as you have a reliable internet connection. This is not possible if you are using physical data rooms to complete transactions.
Try a Virtual Data Room Today
While both client portals and data rooms have individual benefits, it ultimately depends on what you need to use them for. If you have a general project, a client portal may be ideal. But if you have to complete a transaction with multiple investors or partners, and you want a secure place to view and share documents, data room virtual software might be the ideal solution.
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