In a period where companies need to quickly collect and analyze large amounts of information in order to make key business decisions like M&A deals, fundraising rounds or tendering, gathering all the facts can involve the search through tens of thousand of documents. A virtual data room (VDR) is a secure, digital environment for storing and sharing information that is easily accessible to all stakeholders, can be a fantastic solution.
It’s important to know what you’re looking for from the VDR. This will help you choose the best one for your needs. Then you can avoid a tangle of features, and select the one that will allow you to complete your work effectively and without risk.
Essential features include granular permission settings and a watermarking technology that is dynamic that assigns unique identifiers to every file and is date-stamped and a report of user activity and the ability to set up and receive notifications of any modifications to files. Other useful features include the ability to personalize your workspace to match your corporate identity including logos, color schemes and invitation emails, as well as to add terms and conditions as well as watermarks, headers and footers to uploaded and downloaded files.
Find a company that provides free trials to get you started and flexible pay-as you-go plans with no long term contracts. Also choose a vendor who is aware of the compliance requirements that may be required for certain industries and incorporates this knowledge into their software with features like audit trails and version control, as well as the ability to prove that the risk warnings have actually been read and interpreted by users.