Over the last number of years increasingly more information is being shared over the internet. While this may save companies time and resources, it can also cause security issues if the right platforms aren’t being used. These concerns are why virtual data rooms (VDRs) are becoming so popular with businesses in many different sectors.
Virtual data rooms are high-security collaboration and communication spaces. It is where sensitive documents can be shared, and the risk of oversharing and giving unauthorized people access to confidential files is removed. They are essentially the same as an actual, physical safe. It is locked; there is only one way in and one way out, and access to the safe is only granted by the person who owns it.
Aviation companies are moving with the times and increasingly use VDRs to store and manage their files for the following reasons:
- Secure information storage: VDRs provide a secure, centralized location for sensitive aviation-related documents and information, which helps to reduce the risk of data breaches and unauthorized access.
- Easy collaboration and communication: VDRs facilitate collaboration between various stakeholders such as investors, lenders, regulators, and suppliers, by providing a platform for real-time communication and document sharing.
- Streamlined due diligence processes: VDRs simplify and streamline the due diligence process, making it easier for aviation companies to manage complex transactions and negotiations.
- Improved efficiency: VDRs eliminate the need for physical data rooms and can help to reduce the time and resources required for document management and information sharing.
- Access from anywhere: VDRs allow authorized users to access important aviation-related information from anywhere in the world, at any time, as long as they have an internet connection.
- Use cases: Supply chain management, M&A and due diligence, technical and IP data sharing.
Bank-grade Security and Compliance
When sharing high-risk information, you must have a secure and safe vessel to store your information. Virtual data rooms provide that space for aviation companies to organize and file any confidential information they need without worrying about a cyber-attack.
Even if a cyber-attack doesn’t occur, confidential information can be leaked by negligent employees or accidental exposure. Any information leak can cause operational disruptions and irreparable damage to a company, especially airlines that have to evoke confidence for customers to choose them to fly with. This is where virtual data rooms can help.
For instance, one of the leading data room providers, Clinked, is ISO 27001 certified. Additionally, Clinked uses Amazon Web Services (AWS) for hosting its data centres for public cloud solutions, which are ISO 27001, SAS70, PCI, FISMA and FIPs certified. Clinked is an approved supplier to the UK government and is a member of the official G-Cloud framework.
Additionally, the aviation industry is a business that transcends borders and is involved in many international business deals. That means it has a host of different regulations and regulatory boards to adhere to. Virtual data rooms make following different regulations, such as GDPR, FAA, and CAA, more streamlined and easier to comply with. With the tiered permission feature, only the people who need to see the data will be able to see it.
Data privacy assessments can accompany the data to understand the exposure risks and provide any tools needed to mitigate them.
Virtual data rooms (VDRs) improve compliance by providing secure document storage, controlled access, audit trails, real-time monitoring, and automated workflows.
Easy collaboration and communication
When launching a new project or flight path, there are many tasks, from compiling important documents and contracts to communicating with clients and shareholders. Employees need a secure collaboration space where files are secure and easy to navigate. Virtual data rooms do the work, so you don’t have to.
It streamlines the information collaboration process so employees can create new projects and involve the correct people in a confidential, efficient manner. A VDR like the one Clinked offers has a vast amount of storage, so when the documents are completed, they can be filed and stored in real-time. This feature helps to prevent any disorganization or loss of sensitive information.
Task management features ensure the proper responsibilities are assigned to the correct personnel. Virtual data rooms allow monitoring of specific metrics and activities to ensure all tasks within a project are completed on time. Project workflows and the correct strategic decisions can be made from these reports.
Within the Clinked VDR, members can also have secure project discussions and chat one-to-one and one-to-many.
Streamlined due diligence
Virtual data rooms provide a centralized platform for storing, organizing, and sharing important aviation-related documents and information, making it easier to manage complex transactions and negotiations. The streamlined due diligence process helps to reduce the time and resources required for document management and information sharing, enabling companies to focus on making informed decisions and closing deals more efficiently.
VDRs provide a centralized platform for teams to share information, communicate, and collaborate on projects, which can help to improve the efficiency and effectiveness of teamwork
Another herculean task for aviation companies is document organization. With every flight that is completed, a considerable number of documents are needed, including a log of the flight, various aircraft certifications and licenses, and any repair or maintenance completed, just to name a few.
To reduce this task, virtual data rooms can house and organize a range of data and documents. It can even schedule when documents are filed so businesses can stay on top of their document organization. When authorized personnel view the records, there is a clear indication of what document it is. Also, keywords can be applied to a folder or specific set of documents so they can be found more quickly.
Access from anywhere
With more people working from home, cloud-based communication and collaboration tools are essential for enabling remote teams to stay connected, communicate effectively, and work together in real-time.
VDRs are accessible from anywhere with an internet connection, allowing teams to work together and communicate regardless of location. Team members and clients can work together efficiently and in real-time, with files and conversations syncing across all devices.
Aviation industry use cases
Let's take an airplane parts manufacturer as an example. Some of the possible VDR use cases could include:
- Supply chain management: The manufacturer can use a VDR to securely share information with suppliers, including technical specifications, purchase orders, and delivery schedules, which can help to improve communication and collaboration in the supply chain.
- Mergers and Acquisitions: The manufacturer can use a VDR to securely share financial, operational, and other key information such as proprietary designs and trade secrets with potential acquirers during the due diligence process.
- Technical data sharing: The manufacturer can use a VDR to securely store and share technical data with customers, including design specifications, test results, and maintenance manuals.
A Worthy Investment
Virtual data rooms are an excellent investment for any company within the aviation industry and beyond. It provides organizational, protected, and collaborative areas. This platform pays for itself in the long run as it takes the monotonous daily tasks out of running a high-stakes business. Even from a security perspective, most chief information security officers have multiple security tools to combat cybercriminals. Virtual data rooms are worth it, even just for the secure space and peace of mind.
Virtual data rooms can help companies in the aviation industry elevate their brand and add value to their organization. It is a platform that is scalable as the company flourishes and grows. It is a multi-functional, multi-dimensional tool that can provide companies with secure document approvals and a secure place to manage multiple transactions. Virtual data rooms provide security, small business operations, and a fully branded electronic data room for clients. It streamlines businesses no matter what stage they are at.
If your company is thinking of investing in a virtual data room, then try Clinked. They provide a high-security platform with various day-to-day operational features that makes running your business easier for everyone.
Visit clinked.com to start your business on the path of growth and success.