Virtual data rooms are most frequently used to conduct due diligence in M&A transactions. However, they can be useful for any project that requires a company to share confidential information. For legal compliance, certification, investments or simply sharing information with partners, the proper VDR can facilitate the process without exposing a firm to possible breaches or compromises.
The best virtual data rooms offer an array of advanced features for collaboration and tracking which help make the entire process more efficient. They include tools for document annotation as well as Q&A sections, and the ability to assign tasks. Many providers offer multilingual as well as in-app support, which is vital for teams that are geographically dispersed but working on projects together.
Access control is a key feature. This can be accomplished by granting permissions at the document and folder level and allowing users to select what files they can access and from where. This is crucial, since sensitive data can be viewed on various devices such as smartphones and computers. All of these devices are protected by enterprise-grade security in the best virtual data rooms.
A good virtual dataroom also comes with a suite of reporting and guaranteeing business continuity with proactive IT support analytics tools that will allow administrators to track all activity in the room. This could include everything from who viewed the files to the type of changes made to the document. This ensures that the security of sensitive information is maintained even after the data room is closed.
