A Virtual Data Room is an online repository of documents that permits authorized users to upload and access sensitive information. The best VDR providers offer a broad array of features to improve the efficiency of business processes across a variety of industries. VDR software for businesses is perfect for any scenario in which external parties need to review sensitive corporate documents and files for due diligence, whether it’s by law firms during an M&A process or financial analysts examining economic reports and budgets, or a mortgage broker who is reviewing loan applications.
The best VDRs provide tools for efficiently organizing these files and documents through automated indexing and workflows that are simplified with customizable templates, and permission settings that permit granular control of usage. They also aid in accelerating your project’s productivity by facilitating discussions with collaborating parties and providing a rich searching experience through filters, bookmarks and favorite folders, and endless scrolling. The top VDRs also allow you to track and monitor who is using the VDR, and which pages they are browsing. This information is important and can be used to refine projects or explore new opportunities.
A reliable VDR will also offer strong security protocols, such as two-factor authentication and fence view to prevent an authorized user from taking photos or taking screen shots of confidential files. They will also enable administrators to limit access to the VDR by restricting the duration of usage and IP access, meaning that if someone gets unauthorized access to a computer, they will not be able to access the VDR.
