Virtual data rooms come in a variety of shapes and sizes, and offer various options that make them beneficial in a variety of business processes. However despite their appearance, not all providers of virtual data rooms are made equal. In reality, even small differences in functionality can make huge differences when your project is in the balance. It’s crucial to review your options and select the VDR that offers the functionality you require.
Virtual data rooms can help you achieve your goals whether you’re looking to streamline mission critical processes and transactions or facilitate M&A Due Diligence. Here are some points to consider when evaluating VDRs:
Look for an VDR that can support the file extensions you require to upload your documents. Some providers offer additional services to ensure that your transaction is smooth, such as consulting and training. While these services are not required, they could data room provider save time and money when your business is involved in a difficult or high-value transaction.
You should choose an VDR partner with robust security features to protect uploaded documents from disclosure and access by unauthorized persons. Multi-factor authentication, encryption, and audit trails are essential features to ensure that sensitive information is kept safe.
You should look for a VDR with complete user, group, and document permissions, so that the correct people can access the documents at the right time. It should also come with features that prevent unauthorized downloads like dynamic watermarking or locks to IP. It should also allow you to cancel remote access even after the downloaded files are opened.