A virtual dataroom (VDR) can be used to store and share documents online. VDRs are used in a variety of commercial situations, including M&A due diligence and business development. They are often associated with investment banking because they aid in processes such as IPOs and raising capital that require massive amounts of information to be shared.
VDR providers have many options that allow businesses to make virtual data room the most of their platform. One of the most important is security. Find a company with a robust antivirus and malware scans, multifactor authentication and encryption to secure uploaded data while it is in transit and at rest. Additionally, find out whether the service provider provides flexible document permissions that let you specify access policies for each folder and file.
Another feature that can be helpful is collaborative tools, which make it easier for employees to review documents and exchange comments. Ideally these tools can be integrated into a company’s existing systems. Finally, look for a vendor that provides detailed reporting on user and activity, which helps companies detect the potential security risks or threats.
The best VDRs are easy to use for everyone, even those who do not have an IT background. Choose a service with a drag-and-drop upload interface to make it easier for users to manage the process and allows users to organize plies of data into collections. Also, take into consideration how a provider’s UI is displayed on mobile devices. Finally, choose a provider with a wide range of support options, such as in-app live chat telephone and email multilingual support, dedicated teams, and FAQs.