If a company needs to quickly gather and review vast amounts of information in order to make critical business decisions, such as M&A deals or fundraising rounds, it can be difficult to sort through tens or hundreds of thousands, of documents. A virtual data room (VDR), a secure digital environment for sharing and storing information that is easily accessible to all stakeholders, could be a fantastic solution.
It is essential to know what you’re looking for in the VDR. This will help you select the right one for you. You can avoid the maze of features, and select the one that will allow you to complete your work quickly and with the least risk.
The essential features include specific permissions, a flexible technology for watermarking files that adds unique identifiers and datestamps each one, an activity report of users, and the ability to be notified whenever files are changed. Other useful features include the ability to customize your workspace to match your corporate identity, including logos and colors schemes and invitation emails, as well as to add terms and conditions as well as 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 with no long term contracts. Also seek out a service that understands the regulatory compliance which may be required by certain industries and incorporates this knowledge into their software using features such as audit trails and version control, as well as the ability to prove that the risk warnings have been seen and read by the users.