VDR software enables companies to share confidential documents externally with people like clients or prospective investors. This is particularly useful for legal professionals, where many procedures call for sensitive document sharing. If it’s an M&A due diligence process, fundraising or IPO using a virtual data space simplifies the process, and also ensures that confidential information isn’t accessible to anyone else.
Additionally, the capability to integrate the platform with existing business applications allows parties to collaborate on projects. As an example, the integration of Asana lets users link tasks within Asana to relevant documents on VDR. This lets project managers and teams to keep track of the progress of their projects and their responsibilities.
To find the best virtual data room, search for a platform with features that will meet your needs. A VDR must be secure, with virus and malware scanning, multifactor authentication and advanced encryption. It should, in addition, include an audit log that documents all document and user activities and the ability to analyze these specifics. It is also important to determine if the VDR partner is certified by a third party like SOC, to give you confidence that the platform is in line with industry-leading security standards.
Another crucial feature is a clean, intuitive interface that’s just as accessible to the CFO as it is for an beginner accountant. Select a vendor that focuses on this with a simple setup and a variety of deployment options. Also, check if you are able to customize the look of your VDR with your own logo Terms and Conditions, and general layout.