The value of VDRs lies in the copious number of functions they provide and their application goes beyond due diligence when it comes to mergers and acquisitions. They help with corporate development projects like IPOs as well as fundraising, strategic partnerships, accounting and auditing, among other things. In these cases a data room can be used to securely store and share information which is difficult or impossible to arrange using other means.
When selecting a virtual dataroom provider, keep in mind that they will work with sensitive corporate documents. Search for providers who have certifications in cloud software security and compliance standards. Certain vendors also provide industry-specific functionalities that help reduce the burden of ensuring compliance to additional regulations.
Another crucial aspect to consider is access security. Select a provider that allows you to grant rights to each document, as well as set granular permissions for groups of files. Some providers even add dynamic watermarks to documents, making it impossible for anyone to distribute without proper credit. This feature is particularly useful in preventing theft of intellectual property.
A trustworthy virtual data room should also include tools that help you collaborate with other users. This includes tools that let you add notes to documents, build an easy folder structure and easily monitor document activity. Finally, choose a vendor that supports multiple languages and supports mobile devices. This makes the software more accessible to a wider range of potential users. Take into consideration the customer service provided by a company, as certain offer services that go beyond basic support. You should search for an organization that provides complete customer service, which includes phone support and chats online and personalized quotations.