VDR software allows companies to share confidential documents externally with other parties, such as clients or prospective investors. This is especially useful for the legal sector where many procedures require sensitive sharing of documents. Virtual data rooms are beneficial for M&As, due diligence procedures and fundraising, as well as IPOs. They make the process easier and ensure that vital information is not exposed to unknown third parties.
In addition, the ability to integrate the platform with existing business applications makes it easier for parties to work on projects together. For instance, the integration of Asana allows users link tasks within Asana to relevant documents stored on VDR. This allows project managers and teams to stay on top of the progress of their projects and their responsibilities.
Choose a platform that offers features that match your needs. A VDR must be secure with malware and virus scanning, multifactor authentication and advanced encryption. In the ideal scenario, it will include an audit log that tracks every document and user activity as well as the ability to examine the specifics. It’s also worth checking whether the VDR partner is certified by a third party like SOC, to ensure you have confidence that the platform is compliant with industry-leading security standards.
A simple, user-friendly interface is an additional feature that is essential. It should be accessible to both the CFO and the entry-level accountant. Select a vendor that is geared towards this and has a simple setup and numerous options for deployment. Verify if your VDR can be customized with your logo, terms and conditions and the general layout.
