A virtual data room (VDR) is a secure online storage option that allows businesses to store, manage and share confidential information with many parties. It is most commonly utilized for M&A (mergers and acquisitions) due diligence, but the VDR can be utilized to manage any project online data storage enhancing project collaboration or business transaction that requires sensitive information.
The most effective virtual data rooms have an intuitive and simple interface to enable the easy managing of large amounts of files. They can handle a broad variety of formats for files, including text, images and video. They also have permissions that are granular that allow administrators to control who is able to print, view, or download documents. They also come with tools for watermarking and redaction to safeguard privacy and intellectual property.
Take into consideration how the virtual data room is to different operating system and devices when selecting one. It should be compatible with iOS, Android and Windows with no additional plugins required. Additionally it should allow for bulk uploads that use drag-and-drop. It is also beneficial to look for templates for folders to ensure a logical filing structure. Users can navigate the virtual dataroom much more easily by creating a folder named “Finance” and then subfolders for every financial statement. It is also recommended to utilize a file type recommendation system to upload and store files. This will save time and effort, permitting users to upload files directly to proper folders. A system that suggests file names by using underscores between words could also be beneficial, as it makes it easier for users to search and retrieve documents by using keywords.