A virtual data room allows companies to store, share and safeguard confidential documents. A VDR is commonly used to perform due diligence on M&A or capital raising. However, law firms can use the platform to share confidential documents such as those of clients as well as with third-party clients in the course of litigation. Life science and biotech firms often use a virtual document repository to work with investors as well as share clinical trial documents.
The specific requirements of each business will determine the best VDR partner. Investment bankers, for example require an encrypting platform to support processes like IPOs and capital raisings which require significant information sharing. They must find an VDR with an intuitive interface that is easy to navigate and has the tools needed to make transactions swiftly.
A VDR provider’s ability to provide 24-hour support for clients is another aspect to take into consideration. Since deals and other vital business processes aren’t based on a 9 to 5 timeframe, the best providers provide 24-7 support that is multilingual to help their clients and customers succeed.
Choose a vendor that offers robust security features, including data rooms multifactor authentication and malware scanning. Security is also maintained through a robust permission system that permits administrators to establish access rights based on the roles and responsibility. To avoid data leakage You should also search for a VDR with watermarking as well as print/download protection. A myriad of reporting and analytics options should be available to allow you to monitor user activities.