Choosing the Right Virtual Data Room Partner
A virtual data room permits businesses to save, share and protect documents that are proprietary to them. The majority of the time a VDR is used in due diligence in M&A and capital raising, however, the platform can also be used by law firms to share confidential documents with clients as well as other parties in litigation. Biotech and life science companies often utilize VDRs to collaborate with investors and share clinical trial documents.
The individual needs of each company will determine which is the most appropriate VDR partner. Investment bankers, for example require an encrypting platform to support processes such as IPOs and capital raises that require significant sharing of information. They should find the right VDR with a user-friendly interface that is easy to navigate and comes with the tools needed to make transactions swiftly.
A VDR provider’s capability to provide 24/7 support to clients is an additional aspect to take into account. As deals and other critical business processes aren’t based according to a 9-5 schedule, the best-in-class providers provide 24/7 support that is multilingual to help users and clients succeed.
When you’re looking for security, choose a company that offers robust features that include malware detection and multifactor authentication. Security is also maintained by a robust permission system that allows administrators to set up access rights according to roles and duties. To prevent data leakage and data leakage, you should look for a VDR with watermarking and protection for print/download. There should be a range of reporting and analytics options that give you an accurate picture of user activity.
