The most important thing is that VDRs are a boon to business. VDR makes it easy for any number of partieswhether it’s C-level executives working on M&A deals HR departments charged with maintaining employee records, or project managers responsible for different aspects of a business’s operation or internal employees who require to share data and files with outside contractors — to perform their duties safely and efficiently. This is especially important for companies that depend on the security of sensitive data and intellectual property to ensure their success.
The right VDR and document management solution is a powerful mix of features that allow due diligence and dealmaking process simple and efficient. These include document indexing, search features based on metadata and text, as well as easy tools for creating and managing documents and folders. These include auto-renumbering, infinite scrolling, and favorites. Other features to look for include a robust activity tracker and document versioning.
A well-designed folder structure consistent naming and access rights are essential to ensure that a project or deal goes smoothly. A great VDR will have the capability to define granular permissions for documents and folders according to roles and the responsibilities. The VDR will also provide statistics on who viewed, printed and downloaded each document.
In addition, the most effective VDRs will ensure that all sensitive data is encrypted during storage and when in transit. This is a must to ensure compliance with data privacy regulations and safeguarding against unauthorized access.