VDR software allows companies to share confidential documents externally with parties such as clients or prospective investors. This is particularly beneficial for the legal industry, where a lot of procedures require sensitive document sharing. Virtual data rooms are helpful for due diligence processes, M&As and fundraising, as well as IPOs. They can streamline the process and ensure that vital data is not disclosed to unknown parties.
In addition, the ability to integrate the platform with other business applications makes it easier for parties to collaborate on projects. As an example the integration with Asana lets users connect tasks within Asana to relevant documents on VDR. This allows team members and project managers to track the progress and remain on top of their obligations.
Find a platform that offers features that will meet your needs. A VDR must be secure and have anti-virus and malware scanning, multifactor identification, and advanced encryption. It should also have an audit log, which documents all user and document activities, as well as the ability to access these specifics. It’s also worth checking if the VDR partner has certifications from third parties, such as SOC, to ensure you have assurance that the platform is in line with industry-leading security standards.
A simple, user-friendly interface is another essential feature. It should be available to both the CFO as well as the entry-level accountant. Pick a vendor that prioritizes this, with a simple set-up and a wide range of deployment options. Also, check if you are able to customize the look of your VDR by adding your logo Terms and Conditions, and general layout.