A virtual data room (VDR) is an online repository that can be used for sharing and storing documents. VDRs can be used in a variety business situations including M&A due-diligence as well as business development. However, they are usually associated with the investment banking industry because they aid in processes like IPOs and capital raisings which require large amounts of information to be shared.
VDR providers offer many options to help businesses make the most value from their platform. One of the most important is security. Search for a provider that provides robust virus and malware scans, multifactor authentication and encryption to protect uploaded data while it is in transit and at rest. Find out if the provider offers flexible document permissions that allow you to set the access rules for each folder and file.
Collaboration tools are another feature that can help. They make it easier for the employees of a company to review documents and share comments. Ideally they can be integrated with the company’s existing systems. Finally, look for a vendor that provides specific reports on user activity and document activity that helps companies to identify any the potential security risks or threats.
The top VDRs provide a simple interface to use for everyone, even those who do not have an IT background. Choose a service with a drag-and-drop upload interface that simplifies the process and allows users to categorize their data into collections. Also, be sure to take into consideration how a service’s UI looks on mobile devices. Choose a provider with a wide range of support options like live chat in the app as well as multilingual phone and email support with dedicated teams and FAQs.
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