If a company needs to quickly gather and analyze huge amounts of data to make crucial business decisions, like M&A deals or fundraising rounds it can be difficult to sort through tens or hundreds of thousands, of documents. A virtual data room (VDR), a secure digital environment to store and share information that is easily accessible to all stakeholders, could be a fantastic solution.
It’s crucial to know what you’re looking to get from the VDR. This will help you pick the best one for your needs. It is then possible to avoid the maze of features, and select the one that will allow you to complete your work quickly and with minimal risk.
The most important features include specific permissions, a flexible technology for watermarking files that adds unique identifiers and datestamps each one, an activity report of users, and the ability to be notified whenever files are changed. Other valuable features are the ability to personalize your workspace to reflect your company’s identity including logos, color schemes and invitation emails, and to add conditions and terms as well as watermarks, headers and footers to uploaded and downloaded files.
Find a company with free trials to get you up and running, as well as an option to pay as you go without long-term contracts. Find a company that understands the regulatory requirements that may be necessary for certain industries and incorporates that knowledge into the software. Features like audit trails and version control, as well as the capability to prove that the users have viewed and read the risk warnings are just a few of the things you should look for.