Virtual data rooms are a practical and organized method to share and archive sensitive documents needed for business transactions. They are usually used by companies looking to complete an M&A deal, or by life science organizations with intellectual property that requires careful storage and security.
With VDRs, you can review and access documents from any location with an internet connection that is secure. This means you don’t have to travel and speeds due diligence for buyers around the world. It improves your chances of a successful deal. Secure remote access lets you keep files safe, with advanced encryption and strict limits on access. Audit trails as well as detailed activity tracking are essential features to allow you to track who downloads, prints, or even views what files.
VDRs can also provide additional features to help save time including unlimited scrolling or a customizable search box to speed up document scanning. They are great for collaborative projects since they permit several users to log in simultaneously. You can also define the rights each user is granted with document level access.
You can utilize your VDR on the go with an app on your mobile device which is ideal for remote work. Modern VDRs also provide a high level of professional customer service with in-app chat, phone, and email support teams in multi-lingual languages, help centers, and product videos. It’s essential that your VDR offers 24/7 support since M&A transactions, and other crucial processes, aren’t governed by a 9-5 work schedule.