VDRs are highly valuable due to the extensive functionality they offer. Their use extends beyond due diligence in mergers and acquisitions. They are useful for corporate development projects, such as IPOs, strategic partnerships, fundraising campaigns, accounting and auditing and much more. In these situations, a data room is used to securely store and share data that may be difficult or impossible to manage with other means.
When choosing a dataroom service, you must remember that they’ll work with sensitive corporate documents. Search for providers who have certifications in cloud software security and compliance standards. Certain vendors also provide specific industry-specific features that ease the burden of ensuring compliance with additional regulations.
Another crucial aspect to consider is access security. Select a provider that allows you to grant rights to individual documents as well as set granular permissions for groups of documents. Some vendors even apply dynamic watermarks to documents, making it nearly impossible for anyone to distribute without proper credit. This feature is especially useful in preventing theft of intellectual property.
A trusted virtual data space should also include tools that enable you to collaborate with other stakeholders. This includes features that allow you to add notes to documents, create a logical folder structure and easily track document activity. Find a vendor with support for multiple languages and mobile devices. This makes it more accessible to a broader audience of potential users. It is also important to take into consideration a vendor’s service offerings, as some offer a variety of options that go beyond basic support. It is best to choose a vendor that provides comprehensive customer service, including telephone support, online chats as well as customized quotes.
