VDR software is designed to share confidential files online with the highest degree of security and control. While the standard storage platforms for files like Box or DropBox offer basic features for managing and organizing documents, this VDR software was designed to support due diligence processes that require more sophisticated features. When selecting a VDR, look for these features.
Due Diligence
In the course of preparing for mergers or acquisition financial institutions rely on virtual data rooms to safely share documents with other parties. The platform assists in streamlining the process by enabling easy navigation and efficient retrieval of documents with folder level security as well as indexing and version control. A reliable VDR can also offer secure downloads and user permissions and advanced search capabilities that help to eliminate duplicates and decrease the chance of accidental exposure.
The best VDRs permit administrators to alter permission settings to allow or deny access to certain folders and files. They can also set expiration dates and revoke access remotely for digital rights management. They can also opt to have documents automatically watermarked for added security. They can also utilize a VDR to secure collaboration with external teams on projects that require sensitive documents, like RFPs or RFQs. Many modern VDRs also conform to HIPAA and GDPR-compliant and secure the data of EU citizens. This is important for those in medical or life science. They can also work with other data room pricing collaboration tools in the enterprise like project management and chat.