The most important thing is that VDRs are a boon to business. VDR makes it easy for any number of partieswhether executives at the top of the chain working on M&A deals HR departments accountable for keeping employee records, project managers in charge of different aspects of a business’s operation, or even internal employees who need to share data and files with outside contractors to complete their tasks safely and efficiently. This is particularly true for companies that depend on the security of sensitive data as well as valuable intellectual property to ensure their success.
The ideal VDR and document management system offers a range of features that allow due diligence and deal-making process easy and efficient. These include document indexing, search capabilities using text and metadata, as well as easy tools for managing and creating documents and folders, including auto-renumbering and infinite scrolling as well as favorites. Other software features to look for include an extensive activity tracker as well as document versioning.
A well-designed folder structure with consistent naming and access rights are essential to ensure that a plan or deal runs smoothly. A great VDR will provide the ability to set granular permissions for documents and folders based on the role and duties. The VDR will also provide statistics about who viewed and printed each document.
The most secure VDRs ensure that all sensitive information is protected both in storage and while it is being transferred. This is essential to ensure compliance with privacy laws and securing against the possibility of unauthorized access.