The value of VDRs lies in their vast amount of functionality they provide and their use goes beyond due diligence for mergers and acquisitions. They assist in corporate development initiatives, like IPOs, strategic partnerships, fundraising accounting and auditing, among other things. In these cases data rooms are used to securely store and share data that can be difficult or impossible to manage with other means.
When choosing a cloud-based dataroom provider, keep in mind that they’ll be working with sensitive corporate documents. Search for providers who have certifications in cloud software security and compliance standards. Some vendors also offer specific industry-specific features that ease the burden of conforming to additional regulations.
Access security is an additional factor to take into. Select a vendor that permits you to grant rights to specific documents, as well as set granular permissions for groups of documents. Some vendors even apply dynamic watermarks to documents, making it more difficult for anyone to distribute them without proper credit. This feature is particularly useful in preventing intellectual property theft.
A trustworthy virtual dataroom should also include tools to enable collaboration with other stakeholders much easier. You can add notes to documents and create a the structure of a folder that is easy to navigate. Choose a vendor who offers support for multiple languages and mobile devices. This makes the software more accessible to a larger audience of potential users. It is also important to take into consideration a vendor’s service offerings, as a few offer a variety of options that go beyond the basics of support. You should choose an organization that provides complete customer service, including phone support and online chats, as well personalized quotations.