Data room software is a great option for sharing sensitive documents online. It allows businesses to control all document-related activities from a single location and protects the privacy of information with advanced security options. It also offers several features that file-sharing service providers do not, for instance, a redaction tool that blacks out certain areas of a file so that personal identifiable information is kept private.
When you’re conducting due diligence on a company or trying to make your mergers and acquisitions process more efficient, virtual data rooms have numerous benefits to provide. Choosing the right solution will require a steep learning curve for those who are used to physical spaces and other methods of data management However, there are a few important aspects you must keep in mind when making your choice.
User onboarding
Making the most of your VDR requires a user onboarding process that goes beyond basic tutorials and documentation. The top virtual deal room providers offer a full set of support and training resources to assist you in your initial steps with videos of the system and webinars hosted by their customer success team.
Security
Security is a key factor for any company but the use of a VDR is particularly important. Choose a VDR service that is certified for security, such as ISO 27001 and SOC 1/2/3. Also, make sure they are GDPR compliant, HIPAA, and ISO 27001. Look for additional security features, such as two-factor authentication, as well as the ability to limit the time for the downloading or viewing of documents. You should also be able to observe activity in your VDR with detailed audit https://www.thedataroom.net/compare-docsend-vs-ideals reports.
