The main point is that VDRs are a boon to business. VDR allows for any number of partiesfor example, C-level executives working on M&A deals, HR departments responsible for maintaining employee records, or project managers responsible for different aspects of business operations, or even internal employees who have to share data and files with outside contractors — to complete their tasks safely and efficiently. This is particularly relevant for businesses whose entire existence and success is dependent on the protection of their precious intellectual property (IP) and sensitive data.
The right VDR solution and document management software gives an array of powerful features that make the due diligence process as well as the dealmaking process efficient and easy. They include document indexing and search capabilities based upon metadata and text. Additionally, there are intuitive tools to create and manage the folders and documents, with features like automatic renumbering and infinite scrolling. Other features of software to look out for include an extensive activity tracker as well as document versioning.
A well-designed folder structure consistent naming and access rights are crucial to ensure that a plan or deal goes smoothly. A good VDR lets you define granular permissions that are based on the roles and responsibilities assigned to folders and files. The VDR will also provide statistics about who viewed, printed and downloaded each document.
The most effective VDRs ensure that all sensitive data is encrypted both in storage and while it is being transferred. This is a must-have for ensuring compliance with privacy laws and preventing unauthorised access.
