VDR software allows companies to share confidential documents externally with individuals such as potential investors or clients. This is especially beneficial in the legal field, where a lot of procedures require the sharing of sensitive documents. Virtual data rooms are helpful for M&As, due diligence procedures fundraising, IPOs, or other fundraising. They can streamline the process and ensure that vital information is not shared with unknown parties.
Additionally, the capability to integrate VDR with existing business applications makes it easier for parties to collaborate on projects. For instance, the integration with Asana allows users to link tasks in Asana with relevant documents stored on the VDR platform. This lets project managers and teams to keep track of the progress of their projects as well as the responsibilities they have.
To find the most effective virtual data room, search for a platform with features that meet your needs. A VDR must be secure with anti-virus and malware scanning, multifactor authentication, and advanced encryption. It should, in addition, have an audit log that records all user and document activities as well as the ability to dig deeper into these details. It’s also worth determining if the VDR partner is certified by a third party like SOC, to give you confidence that the platform is in line with industry-leading security standards.
A simple, user-friendly interface is another important feature. It should be accessible to the CFO and the entry-level accountant. Choose a vendor that prioritizes this by offering a simple configuration and a variety of deployment options. Also, make sure you are able to customize the look of your VDR by adding your logo, terms ShareFile and conditions, and general layout.