A virtual dataroom is a tool that’s cloud-based for sharing files that is used to store and transfer private documents during business transactions. These documents can include contracts, financial statements, tax information, and intellectual property. Businesses use VDRs to keep sensitive information safe, but also simple to access.
It is essential to compare the features of VDRs to figure which one is suitable for your company. You should also evaluate the quality of support offered by the provider. Ideally, the customer support team is available round all hours of the day and provide multiple contact methods and languages. Check a company’s security certifications. Most trusted providers will have at minimum ISO 27001 compliance, SOC 1/2/3 compliance, HIPAA and GDPR.
The most important features to look for in the VDR are the ability to analyze user activity and report along with granular permissions and invitations to users in bulk. In addition, it’s important to choose a provider with two-step/multi-factor authentication. This security feature will reduce the possibility of hacking and attempts to log in without authorization. Device purging is a different useful feature that allows administrators to block access or remove it from a particular device.
Many companies consider it vital to be able to work with a variety of different users. The integrated document annotations and Q&A module of a VDR make it easy for those working remotely to stay on the exact same page. This also improves productivity by reducing how long it takes to complete due diligence requests. Additionally, it’s essential to choose a company that has mobile apps to allow convenience in working while on the move.