For companies seeking an encrypted and secure way to share and review sensitive documents, virtual data room software is the answer. Its most popular application is due diligence for M&A however it can also be used by those who are merely thinking about buying, as they can examine proposals from potential new business partners without fear of their confidential information being leaked.
A good VDR can also be helpful in protecting confidential agreements, contracts and other documents between employees and customers. People in the life sciences and technology industry are the most frequent users, but any company can benefit from accessing the virtual data room.
When selecting the right VDR there are a few characteristics to look for. These include drag-and-drop uploading and bulk-uploading advanced search filters and tags, optical character recognition (OCR) tools to search full-text, automated indexing of documents dynamic watermarks to indicate which documents have been printed or viewed, and mobile apps for document viewing on-the-go. Many vendors offer trial versions that allow you to test how the software functions and whether it is able to meet your requirements.
Outstanding customer support is essential as is adherence to security standards like two-factor authentication, timed access expiration, and IP-address-based access limitations. It’s always a plus if the vendor can help you customize the virtual data room using your own branding and terms of service.
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