If a company needs to quickly collect and review vast amounts of information to make crucial business decisions, like M&A deals or fundraising rounds it can be difficult to sort through tens, if perhaps hundreds of thousands of documents. A virtual data room (VDR) is a secure, digital environment for storing and sharing information that is easily accessible to all stakeholders, could be a great solution.
It is essential to know what you’re looking for from the VDR. This will help you choose the right one for you. Then you can avoid a rabbit hole of features and choose the one that will allow you to complete your project efficiently and with a minimum of risk.
The essential features include specific permissions, a flexible technology for watermarking files, which adds unique identifiers and date stamps for each one, a report on the activity of users, and the capability to receive notifications when changes are made to files. You can also personalize your workspace to reflect your company’s identity, including logos colors, color schemes, invitation emails, and terms and conditions.
Look for a vendor with free trials to get you up and running, as well as an affordable pay-as-you-go plan without long-term contracts. Look for a service that recognizes the regulatory requirements that might be required for certain industries and incorporates this knowledge into the software. Features such as audit trails and version control, as well as the ability to prove that participants have read and viewed warnings about risks are all features that you should look for.