A virtual data room (VDR) is a secure online storage solution that allows companies to manage, store and share confidential information with various parties. It is typically used for M&A (mergers and acquisitions) due diligence, but a VDR can be utilized to manage any project or business transaction that requires sensitive information.
The best virtual data rooms provide an intuitive and simple interface to enable the easy handling of large quantities of files. They can handle the efficient management of different file formats, including video, text, and images and offer how the data room software can empower your financial team to go remote specific permission settings that allow administrators to restrict who can access, print or download files. They also include redaction and watermarking tools to protect privacy and intellectual property.
When selecting a virtual data room, think about how flexible it is to different operating systems and devices. Ideally, it should be compatible with iOS, Android and Windows and without additional plugins required. In addition it should be able to allow bulk uploads that use drag-and-drop. You should also look for templates for folders to make sure that your filing system is logical. Users can navigate the virtual dataroom much more easily by creating a folder titled “Finance” and then subfolders for each financial statement. It is also recommended to utilize a file type recommendation system to upload and store files. This will help users save time and effort as they can upload their files directly into the folders. Additionally, a system which suggests file names with underscores in between words is also beneficial, as it will make it easier to search for and retrieve files using keywords.
