Virtual data rooms (VDRs) are secure storage spaces for confidential documents, frequently are the first thing that comes to mind when a company needs to store these documents. These tools are used in a variety of industries for due diligence in M&A, divestiture or capital raising.
To ensure that everyone is on same page and keeping the process moving, using the right tool to conduct due diligence can help you save time and money. Basic file sharing tools are great for simple use, but the complexity of sharing privileged information and intellectual property in a deal warrants the use of a more robust tool with advanced features security, control, and protection.
When choosing a VDR think about how it will integrate with other software you use. For instance, a great VDR platform will let you easily connect tasks in Asana with documents stored in the VDR so that you can view a complete picture of the project without switching between applications.
Another important aspect to consider is a thorough audit trail which provides a record of who has access to or modified files in your VDR. This is particularly important for sectors that are controlled, such as finance or healthcare, where unauthorised access could have serious consequences.
In the end the VDR should offer flexible subscription plans to meet the needs of any business. The most effective VDRs give you the flexibility and security that your company’s needs are always fulfilled.