If a business is required to quickly collect and analyze large amounts of information in order to make key business decisions, such as M&A deals or fundraising rounds, it can be difficult to sort through tens, if perhaps hundreds of thousands of documents. This is the point where a virtual room (VDR) can be useful as it provides a secure digital environment that stores and shares the data and makes it accessible to all parties.
While some VDRs may appear like they are at first but it’s essential to be clear on what you’re hoping to accomplish by using the VDR to be able to select the one that best suits your needs. You can then avoid the maze of features, and pick the one that allows you to complete your project quickly and with minimal risk.
The most important features are the ability to grant permissions at a granular level, a flexible technology for watermarking files, which adds unique identifiers and date stamps for each one, an activity report of users, and the capability to receive notifications when files are modified. You can also alter your workspace to reflect your company’s brand, such as logos colors, color schemes, invitation emails and the terms and conditions.
Look for a provider that provides free trials to help you get started and flexible pay-as you-go plans without long-term contracts. Also seek out a service that is aware of the regulatory compliance that is required for some industries and builds this information into their software, with features such as audit trails and version control, as well as the ability to prove that the risk warnings have been seen and understood by users.