A virtual dataroom is a cloud-based platform which allows you to securely share and store sensitive data. This is typically private information that businesses share during transactions or business processes like M&A and due diligence. It is vital that this information be readily accessible to authorized users, yet also protected from unauthorized access. Virtual data rooms make it easy to access from any location and from any device at any time, and provide an audit trail to ensure the security of the files.
It is important to choose a VDR with features that are most appropriate to your project or business. Many companies offer free trials and demos to let businesses test the software. They can then see how the VDR performs on a daily basis and determine whether it meets the requirements of their business.
Other features to be looking for include granular document permissions such as fence view, download, print, and edit, as well as multilingual support. A robust search engine helps you find documents within the VDR. The ability to monitor the activity of users is a crucial feature, enabling administrators to know which documents are the most important to their clients and how much time they are spending on them.
It is also crucial that a virtual dataroom offers an interface that is adaptable and can be seamlessly integrated into existing IT systems or workflows. This is particularly important for businesses that conduct M&A projects frequently, in which documents are often shared between parties. Collaboration on a deal via a virtual dataroom improves productivity and accelerates the decision making process.