A virtual data room (VDR) allows you to share sensitive documents securely and is commonly utilized in M&A due diligence. However, it also helps in other projects that require huge amounts of document exchanges like real estate deals and investment management. The best VDR service for your business and project is determined by the needs of both. Here are a few most important aspects to consider:
Adaptability
A reliable VDR will be compatible with all major operating systems and devices. It will also be easy to navigate and provide useful features that make it easy for users to get around. They include a dashboard, instant messaging, and the ability to edit Excel or Word files on the platform. A secure fence view is another handy function that blacks out parts of a file so that personally-identifiable information remains private.
Permission settings are an essential feature to look for. You should be able assign viewing, printing and downloading permissions to each individual file. You must be able to monitor activity through detailed reporting and insights.
The top VDRs offer expert technical support. This is crucial when you’re juggling multiple projects and deadlines. It’s not a good idea to allow delays due to technical issues any transaction, whether doing M&A due diligence or trying to close one. This is why it’s a smart idea to check whether the vendor offers telephone support and how knowledgeable and helpful their representatives are.