VDR features that are important for companies looking to evaluate virtual data rooms include security, scalability, accessibility and support. Security features include malware and virus scanning multifactor authentication, firewalls, and advanced encryption to protect uploaded information. Audit logs contain detailed records of everything that happens in the VDR. This includes views, downloads, and modifications to folders and documents. VDR administrators have the option to design custom watermarks that give a name and time stamp to each downloaded file.
A quality VDR will also allow users to alter their interface and notifications. Support should be accessible via email, phone or live chat in the app. There should also be help centers with product videos. The VDR should also be compatible with Apple, Android and Blackberry devices without the need to install additional plugins. Advanced text search enables quick and simple review of documents, files and folders. The tools for organizing folders should support a hierarchical structure and an orderly organization, with tags that provide an additional layer of flexibility. A Q&A section allows users to ask questions and receive answers on specific documents or folders.
VCs and private equity firms frequently work with multiple clients at once, which requires them to quickly and effectively exchange massive amounts of data. In these cases VDRs are the perfect solution to make due diligence more efficient and more efficient. Other industries that can benefit from VDRs useful include life science, technology and financial services. VDRs can help these companies simplify sharing of confidential information with clients, legal teams and third parties during litigation.
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