In a period where companies need to quickly collect and analyze large quantities of data to make important business decisions, such as M&A deals or tendering, gathering all the information required can mean searching through tens of thousands of documents. A virtual data room (VDR) which is 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 want from a VDR. This will help you choose the most suitable one for your needs. So, you won’t get caught in a rabbit hole of features and select one that will allow you to finish your project quickly and with the least risk.
Essential features include an extensive set of permission settings and a watermarking technology that is dynamic which assigns unique identifiers each file and is date-stamped as well as a report on user activity and the ability to set up notifications and be informed of any modifications to files. Other important features include the ability to personalize your workspace to match your corporate branding, such as logos, color schemes and invitation emails, and to add terms and conditions including watermarks, headers as well as footers to uploaded and downloaded files.
Look for a provider that provides free trials to get you started, and an option to pay as you go without long-term contracts. Also choose a vendor who understands the requirements of regulatory compliance that may be required for certain industries and incorporates this knowledge into their software with features such as audit trails and version control as well as the ability to show that risks have been observed and interpreted by users.