Virtual data rooms can be utilized by companies that require a secure location to review and share sensitive documents. Its most common use case is M&A due diligence, but it also works well for those simply considering the idea of a purchase, as they can easily review potential new business partners’ proposals without fear of their personal information being leaked.
A good VDR can also be helpful in safeguarding confidential agreements, contracts and other documents between employees and customers. The people working in the life sciences and technology industry tend to be the heaviest users, but nearly every business can benefit from having access to the virtual data room.
When deciding on for a VDR There are a few important features to look out for, such as drag-and drop uploading and bulk uploading advanced search filters, tags, and labels, optical character recognition software for full text searching, automated index numbering of documents, dynamic watermarks to identify which documents were printed or viewed and mobile apps that let you view documents on the on the move. Many vendors offer trial versions of their software that allow you to see how the software performs and if it meets your needs.
Excellent customer support is crucial and so is compliance with security standards like two-factor authentication, timed access expiration and IP-address-based access limitations. It’s always a benefit that the vendor can help you customize your virtual data room with your own branding and the terms of service.