When a company has to quickly gather and review huge amounts of data to make crucial business decisions, like M&A deals or fundraising rounds, it can be difficult to sort through tens, if not hundreds of thousands, of documents. A virtual data room (VDR), a secure, digital environment for storing and sharing information that is accessible to all stakeholders, can be a great solution.
It’s crucial to know what you’re looking for in a VDR. This will help you pick the most suitable one for your needs. You can avoid the pitfalls of features, and choose the one that will allow you to complete your project quickly and with minimal risk.
Essential features include specific permission settings and a dynamic watermarking system which assigns unique identifiers each file and is date-stamped as well as a report on user activity and the ability to create and receive notifications of any changes to files. Other useful features include the ability to customize 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 uploaded and downloaded files.
Find a company that provides free trials to get you started, and an affordable pay-as-you-go plan without long-term contracts. Also look for a company that understands the regulatory compliance that is required for certain industries and incorporates this information into their best-vdr.blog software, with features like audit trails and version control, as well as the ability to show that risks have been observed and read by the users.