In a time when companies need to quickly collect and review significant quantities of data to make key business decisions like M&A deals or tendering, getting all the facts may require going through thousands of documents. This is the reason why a virtual data room (VDR) can be useful as it provides a secure digital environment that stores and shares the information, making it accessible to all stakeholders.
It is essential to know what you’re looking to get from the VDR. This will help you choose the most suitable one for your needs. Then you can avoid the pitfalls of features, and select the one that allows you to complete your work efficiently and with minimal risk.
The key features include the ability to grant permissions at a granular level, a flexible technology for watermarking files that provides unique identifiers and datestamps for each one, a report on the activity of users, and the ability to be notified when files are modified. Other features worth mentioning is the ability to personalize your workspace to reflect your company’s brand identity, including logos, color schemes and invitation emails, and to add conditions and terms as well as watermarks, headers and footers to downloaded and uploaded files.
Look for a provider which offers trial periods for free to get you started and flexible pay-as you-go plans without long-term contracts. Also choose a vendor who understands the requirements of regulatory compliance which may be required by certain industries and incorporates this information into their software, with features such as audit trails and version control, as well as the ability check that to show that the risk warnings have actually been read and read by participants.
