A virtual dataroom (VDR) allows companies to securely store, manage, and share confidential documents with multiple parties. It is commonly employed for M&A due diligence (mergers and acquisitions), but it can also be used for other business transactions. VDR can be used to manage any project or business transaction that requires sensitive information.
The best virtual datarooms provide an intuitive and easy-to-use interface that makes it easy to manage large amounts of documents. They facilitate the efficient handling of a variety of formats of files, including videos, images, and text, and feature granular permission settings, enabling administrators to restrict the access of users to print, view or download documents. They also have tools for watermarking and redaction to protect privacy and intellectual property.
Consider how adaptable the virtual space is to different operating system and devices when selecting one. It should be compatible with iOS and Android without the need for additional plugins. It should also allow bulk uploads with drag-and drop. Also, you should look for templates for folders to ensure that your filing system is logical. For example, the creation of a folder titled “Finance” with subfolders for each financial statement could help users navigate the virtual data room efficiently. In addition it is recommended to use a system that recommends the appropriate file type to store and upload. This will help users save time and effort since they can upload files directly into the folders. A system that suggests file names with underscores between words could also be helpful, since it makes it easier for users to search for and retrieve documents using keywords.