A virtual data room provides a secure, collaborative online environment for sharing sensitive information with a variety of parties. They are utilized in M&A transactions, due diligence corporate financing, investor reports and many more. There are numerous aspects to consider when choosing a VDR.
When choosing a dataroom that is virtual pick a provider who has physical security measures that exceed or meet the standards of your industry. This includes fire protection, biometric access and offsite data backups. Choose vendors that have strong security features, such as dynamic watermarking and access rights for specific users documents, document annotation, and an audit log.
A good VDR is able to provide insights and data on activity at the document level that lets you determine who has accessed what and when. This is much harder to achieve with physical storage, which is a major advantage of the best VDRs.
Check that your VDR has collaboration capabilities like in-app chat or phone support that are multilingual. Find a vendor that has managers and teams that are committed to assisting you with your project. This is something most cloud storage services don’t provide, and it can make the difference in the success of your project.
Your VDR should, most importantly, be a seamless extension to other tools you use to deliver results and work on projects. Choose a provider who integrates seamlessly with existing workflows, and has an intuitive, easy to use interface. This will allow your team members to start up quickly.