For companies seeking a safe place to share and review sensitive documents virtual data room software is the solution. The most common use-case is M&A due diligence, however it also works well for those who are just considering an offer to purchase, because they can safely review potential new business partners’ proposals without risk of their personal information being divulged.
A reliable VDR can also be useful in safeguarding contracts, confidential agreements and other documents between employees and customers. People working in the life sciences and tech industries tend to be the heaviest users, but nearly every company can benefit from accessing the virtual data room.
When deciding on the right VDR, there are some important aspects to look for, like drag-and-drop uploading and bulk uploading, advanced search filters, tags and labels, optical character recognition software for full text searching, automatic index numbering of documents, dynamic watermarks to mark the documents that have been viewed or printed and mobile apps that let you view documents on the go. Many vendors offer free trial versions that allow users to test how the software performs and whether it is able to meet your requirements.
It’s also crucial to provide exceptional customer service as well as compliance with security standards such as two-factor authentication and IP-based access restrictions. It’s always a benefit that the vendor can help you customize your virtual data space with your own branding and the terms of service.