Digital Transformation (DT): two words that define a process we feel is increasingly affecting every aspect of our life and every business everywhere in the world. Digital transformation means improvement when the changes it produces, thanks to help of digital technologies, deeply involve cultural, individual, social, productive, technological, creative and organizational variables. Since these changes can sometimes be very big, some of us may feel forced or even scared of DT, thinking it will deny ourselves and our skills. But this really isn’t the case: rather, DT expresses the idea of continuous learning, of knowing that, somehow, we will always be students in an ever-progressing professional life in constant evolution. What if we tried to update our skills, looking at our limits knowing that we can easily overcome them? Simply taking note of wanting it, of needing it and of "capturing" the extraordinary desire to put ourselves to the test would probably be enough.
As communication director of a highly innovative company that develops an advanced digital service such as virtual data rooms (VDRs), I placed myself in this perspective, which was the only one possible, in my opinion, to first understand and then to communicate the opportunities that VDRs offer. With a simple click, we enter the world of cyber secure data sharing, of the incredible speed in the opening and closing of each transaction and of the classification and retrieval of documentation gathered over years of work, all in just a few hours. Security, speed and confidentiality: these, some of the key points for those who make transactions, now enhanced thanks to VDRs. No IT expertise is required because we will be supported by multilingual Data Room Specialists, ready to teach us how to “transform” our analogical skills into digital ones.
VDRs are digital platforms designed for sharing, exchanging and managing confidential data and documents. They are used in several areas: from legal to real estate, from governance to financial / banking, to the industrial one. They are crucial for managing both ordinary work and extraordinary operations such as IPO, M&A,Due Diligence and fund management in a faster and more efficient way, reducing time, costs and dedicated resources. Each VDR has its unique features that distinguish it. Multipartner, which was one of the first companies in Italy to operate in this market decades ago, has been focusing on data control and on customizing the service offered, acquiring such experience and reputation to be chosen by Italian and international customers.
The experience gained and the customers served with huge satisfaction, also in the field of digital technologies, are track records to well evaluate when selecting a digital service like VDRs.
What is important to keep in mind, when choosing a VDR- to use in the RE sector as well- whatever the provider- is security. Cyber security, in fact, is definitely an independent variable that no entrepreneur, public administration or company wants now to leave out. The most recent researches on Real Estate and Cyber Security, from those conducted by Augentius to those of advisors such as EY, underlined the willingness of real estate managers to have a "toolbox" full of technology in order to safeguard data which, today more than ever, are the true "value" to be protected.
Talking about VDRs, ours in the specific, safety and control are developed by design : that means they are the first elements included in the basic configuration given to the Virtual Data Room, before any customization of functions or graphics required by customers. All the operational functions for documents loaded into the platform are therefore developed with the aim of having total control over them.
In fact, in order to manage the typical deals of the RE market such as Due Diligence, portfolios of properties for worldwide buying and selling, up to the more complex management of NPLs and M&A transactions, the attention given to control and safety cannot be just a plus, but is a must. The security criteria of a VDR involve the IT infrastructure with which the provider is equipped and the control on the uploaded documents and on the accesses of the users invited to the VDR. All this for a security that is both technological, logical and legal.
Let's think for example of the NPLs and Due Diligence. These operations bring with them a huge amount of confidential documents that need to be loaded in a massive but orderly way, by creating the trees you want inside the VDR to easily classify, consult and analyze confidential data that, among other things, don't necessarily have to be visible to everyone.
Or again, if we imagine to take part in a tender launched by public or private bodies that foresee various and delicate validation steps (expressions of interest, preliminary inquiries, etc.) to be able to access the following steps. In these cases, to have granular permissions for authorized users of the VDR and to know that every document uploaded is identified in a highly secure and unique way, by tracking exactly who viewed, downloaded, printed it and when all this has happened, becomes vital for successful transactions.
The security specifications should not be overlooked or taken for granted in any advanced digital service you will opt for, even in the context of the so-called "PropTech" macro-area. In our case, the security structure offered works in the background without "weighing down" in any way the performance of the VDR for the end user. VDRs are in fact structured as a sort of website, where many "actions" can be performed on uploaded documents. Graphics, navigation and functions provided are designed so that the experience is extremely user friendly. It is important to also remember that, while tools and features of the various VDRs may seem similar, the expertise gained in cyber security is definitely not.
Last but not least, the companies whose sole core is to develop VDRs and which have been operating in the sector for years, deeply know their context and the needs and habits of their customers. Arranging internally all the working teams - commercial consultants, R&D, network and system security experts, training and customer support – so that the final customer feels involved and supported makes a huge difference.
As also stressed by the highest offices of the State in recent days, Italy must fully experience the digital transformation, making sure that individuals, companies and public administration approach it knowing that they are accompanied, on this journey, directly by the players who work with the digital, implementing their skills to ride with satisfaction the wave of this exciting challenge.
Sabrina Girardi
Corporate Communication Director @ Multipartner Virtual Data Room
cloud technology
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