VDR software allows companies to share confidential data with outside parties, including lawyers, compliance auditors, and trusted advisors. VDR software, unlike other file sharing tools is designed to safeguard sensitive business information and ensure that no one is able to alter or delete the contents of shared documents. This makes VDR software perfect for M&A due-diligence and also in any scenario where sensitive data needs to be shared with outside third parties, such as investors, service providers, or other interested parties.
When you are evaluating a virtual data room, look for the following qualities:
Security: VDRs are designed to provide a secure environment that will stand up to malware attacks, hacks and other forms of malicious behavior. Search for a service provider that can provide ISO-compliant security including backups and encryption. A VDR should also permit users to set different ShareFile VDR Software access levels for different users and to change these privileges rapidly if moods change during negotiations.
Document Management: A well-designed VDR will make it simple to upload documents and arrange them into meaningful categories, using search functions that identify exact or partial matches and identify specific folders. A VDR must also have advanced features, such as OCR (optical character recognition) for images and PDFs as well as filters to limit search results.
Collaboration and Communication: Search out for a VDR which includes built-in discussion features and a chat function that lets teams work together, as well as messaging functionality that eliminates communication barriers. A VDR must also have an API that allows it to integrate with other systems.