Data room software is an ideal way to share sensitive documents online. It lets companies manage all document-related tasks from a central location and protects data with granular security options. It also comes with features that file-sharing service providers do not, like a redaction tool that blacks out specific areas of documents so that personally identifiable information remains private.
Virtual data rooms can be a great tool for due diligence, or to make mergers and acquisitions easier. Choosing the right solution will require a learning curve for users who are used to physical spaces and other methods of managing data however there are a few important aspects you should be aware of when making your choice.
To maximize the value of your VDR it is more than just tutorials and documentation. The top virtual deal rooms will offer a complete set of training and support resources to help you get started including video tours of the system as well as webinars run by their customer success team.
Security is a crucial factor for every business and a VDR is particularly important. Be sure to select a vendor that has security certifications, like ISO 27001, SOC 1/2/3 GDPR,, and HIPAA. You should also consider additional security features like two-factor verification as well as the capability of setting a time duration to download or view documents. You must also be able to monitor activity in your VDR by reviewing audit reports that are detailed.