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A virtual dataroom is a cloud platform that lets you securely share and store sensitive information. This data is typically private documents that companies share during transactions or business processes like M&A and due diligence. It is vital that this information is easily accessible to authorized users but also protected from unauthorized access. Virtual data rooms permit users to access the information from anywhere and from any device at anytime. They also offer an audit trail that is complete to ensure the security of data.
It is crucial to select the VDR with features that are most appropriate to your business or project. A lot of providers offer demos and trials for free to let businesses test the software. They can then see how the VDR performs on an everyday basis and determine if it can meet their needs as a business.
Other features to look for include document permissions that are granular such as fence view printing, download and edit, as well as multilingual support. A powerful search engine allows users to locate documents within the VDR. The ability to track the activities of users is a vital feature that lets administrators determine which documents are essential to customers and how long they’re spending on them.
Finally, it is vital that a virtual data space provides an extremely flexible interface that can be seamlessly integrated into a company’s existing IT systems and workflows. This is particularly important for companies that run frequent M&A projects in which a large amount of documentation is shared between parties. The ability to collaborate effectively on a deal through a virtual data room boosts productivity and dramatically speeds up decision-making process.