What to Look for in a Virtual Data Room

A virtual dataroom (VDR) can be used to store and share documents online. VDRs can be used in a variety of different business situations including M&A due-diligence and business development. However, they are typically associated with the investment banking industry because they aid in processes such as IPOs and capital raisings that require massive amounts information to be shared.

VDR providers provide a range of features that can help businesses make the most of their platform. One of the most important is security. Look for a service that has robust virus and malware scans, as well as multifactor authentication and encryption to secure uploaded data while it is in transit and at rest. Also, determine whether the service offers granular document permissions that let you specify the access rules for each folder and file.

Another feature that is helpful is the collaborative tools that help employees to look over documents and communicate comments. These tools will be able to connect with existing systems. Choose a vendor that offers detailed reports view on user and document activity. This will allow companies to determine any security threats or threats.

The most effective VDRs are easy to use by anyone, even people with no IT background. Look for a provider with a drag-and-drop upload interface that makes it easier to complete the process and allow users to arrange a lot of data into collections. Also, take into consideration the way in which a service’s UI appears on mobile devices. Finally, choose a provider with extensive support options, like live chat in-app telephone and email multilingual support, dedicated teams and FAQs.