In a time when a company must quickly gather and analyze large quantities of data to make important business decisions, such as M&A deals or tendering, obtaining all the facts can involve searching through tens of thousands of documents. A virtual data room (VDR) is a secure, digital environment to store and share data that is easily accessible to all stakeholders, could be a fantastic solution.
It’s important to know what you’re looking to get from the VDR. This will help you choose the right one for you. You can then avoid the rabbit hole of features, and select the one that will allow you to complete your task quickly and with the least risk.
The most important features include granular permissions, a dynamic technology for watermarking files that provides unique identifiers as well as datestamps for each one, a report on the activity of users, and the ability to be notified when changes are made to files. Other features worth mentioning is the ability to personalize your workspace with your corporate brand identity, including logos, color schemes and invitation emails, and to add terms and conditions watermarks, headers, and footers to downloaded and uploaded files.
Look for a provider that offers free trials to get you up and running, as well as an option to pay as you go with no long term contracts. Look for a provider who recognizes the regulatory requirements that might be required for certain industries and incorporates that knowledge into the software. Features such as audit trails and version control, and the capability to prove that the users have read and reviewed warnings about risks are all options to look for.
