VDR software lets companies share confidential documents with external parties such as potential investors or clients. This is particularly beneficial in the legal field, where a lot of procedures require the sharing of sensitive documents. Whether it’s an M&A due diligence process, fundraising or IPO, a virtual data room simplifies the process, and also ensures that confidential information isn’t accessible to anyone else.
The ability to integrate the platform with existing applications for business makes it easier for parties to collaborate on projects. For example the integration with Asana allows users to link tasks in Asana with the relevant documents on the VDR platform. This helps project managers as well as teams to stay on top of the progress of their projects and responsibilities.
Find a platform that includes features that meet your needs. A VDR must be secure, with virus and malware scanning, multifactor authentication and advanced encryption. Ideally, it should include an audit log that records all document and user activities and the capability to drill down on these specifics. Examine whether a VDR partner has third-party certifications like SOC to ensure that the platform conforms to industry-leading standards.
Another essential aspect is a simple, clear interface that’s equally accessible for the CFO as it is for an beginner accountant. Select a vendor that focuses on this, with a simple set-up and extensive deployment options. Check if your VDR can be customized with your logo, terms and condition, and general layout.
