What is a Virtual Data Room?
A virtual dataroom (VDR) can be used to archive and share confidential documents online. It’s an excellent tool to aid in the implementation of complex processes that require the disclosure to third individuals of sensitive information outside the firewall of the company.
Most often, VDRs are used in M&A transactions. However VDRs can be beneficial in any situation where you have to share large volumes of private documentation with stakeholders outside of the organization. VDRs allow you to maintain the confidentiality of your contents and prevent leaks, even when your documents are reviewed by multiple parties at the same time.
When choosing a VDR provider, choose one with a history of providing secure document sharing solutions for clients within your industry. Also, ask if they provide a free trial that lets you test out the system with your potential partners prior to signing for a service contract.
Choose an VDR that supports a wide variety of file types, but also provides customizable security settings, permissions settings and watermarking. You will also be able revoke access remotely to manage digital rights.
Most VDR providers have a Q&A section where customers can post questions and get prompt responses from support specialists. Some providers also offer an expert team for specific industries. They can assist you make the most of your VDR. It is important to select the VDR provider that offers 24/7 assistance via chat, phone and email.