Virtual data rooms are available in various sizes and shapes and include a variety options that make them suitable for a wide range of business processes and projects. But, despite appearances, not all are created to be the same. In reality, even small differences in function can make an enormous difference when your project is on the line. It’s important to compare your options and choose a VDR that can provide the features you require.
Whether you are trying to streamline processes that are mission-critical and transactions, or to facilitate M&A due diligence, the virtual data room could assist you in achieving your goals. Here are some things to keep in mind when you are evaluating VDRs:
Search for the VDR that can support the file types you’ll need to upload. Some providers offer additional services to ensure your transaction is smooth by providing consulting and training. These are not required however they can save you time and money if your company is involved with a high-value or complex transaction.
To safeguard uploaded documents from unauthorized access or disclosure make sure you choose a VDR with strong security features. Features such as encryption, multi-factor authentication and audit trails are essential to ensuring that sensitive information remains safe.
Search for an VDR with precise permissions for users, groups, and documents to ensure the right people can see the right document at the appropriate time. It should also offer options to block downloads that are not authorized such as dynamic watermarking, lock to IP, and expiration of document access. Also, it should be able to revoke access remotely even after downloaded documents have been opened.