When external parties require access to a company’s private data, a virtual data room is a great option to share files without the risk of breaching compliance. Virtual data rooms facilitate secure document sharing, regardless of whether it’s an investor, lawyer, auditor or another party who is looking over documents. There are however a few important aspects to take into consideration when choosing the right VDR for your needs in business.
Easy of Use
The best virtual data room comes with a user-friendly, efficient interface that simplifies and streamlines day-to-day tasks. Drag-and-drop, bulk actions and customizable dashboards make it easier to complete the primary tasks. A dedicated mobile optimization system and user-friendly interfaces that are based on roles ensure that users see only the tools they require to complete their work.
Security
When selecting a virtual room pick a provider who has industry-leading security measures in place to safeguard sensitive corporate data. Document encryption, two-factor authentication and dynamic watermarking are all features that prevent the unauthorized access of data. Advanced audit trails give a detailed record of who has visited what.
Real-time Collaboration
The most advanced virtual data rooms allow simultaneous review and annotation for multiple authorized users. This helps speed up turnaround on documents and more efficient collaboration. Additionally the ability to mark-up and highlight text in real-time speeds up reviewing processes. This leads to a quicker due diligence process as well as a more efficient merger and acquisition process.
A VDR that is reliable can also provide powerful search capabilities that allow you to quickly locate and display the necessary information required for due diligence. Additionally smart analytics and reports make the process more productive and efficient.
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