If a business is required to quickly gather and analyze massive amounts of information in order to make important business decisions, such as M&A deals or fundraising rounds It can be a challenge to sort through tens, if not hundreds of thousands of documents. A virtual data room (VDR) which is a secure, digital environment for sharing and storing information that is easily accessible to all stakeholders, could be a great solution.
While some VDRs may seem similar on first glance however, it’s crucial to know what you want to achieve by using the VDR so you can select the right one for your needs. Then you can avoid the pitfalls of features and select the one that allows you to complete your task effectively and without risk.
The essential features include granular permissions, a dynamic technology for watermarking files that adds unique identifiers and datestamps each one, a report on the activity of users, and the capability to be notified whenever files are changed. You can also modify your workspace to reflect your corporate brand, such as logos, color schemes, invitation emails and terms and conditions.
Look for a service provider that offers trial periods for free and pay-as-you-go models that are flexible without long-term contracts. Choose a vendor who recognizes the regulatory requirements that may be needed for certain industries and incorporates that knowledge into the software. Features like audit trails and version control, as well as the ability to prove that customers have viewed and read risks are all options to look for.
