VDR software enables companies to share confidential documents externally with other parties, such as prospective investors or clients. This is particularly useful in the legal industry in which many procedures require the sharing of sensitive documents. Virtual data rooms are helpful for due diligence processes, M&As as well as fundraising or IPOs. They streamline the process and ensure that sensitive information is not exposed to non-authorized third parties.
Additionally, the capability to integrate the platform with other business applications makes it easier for parties to collaborate on projects. For example, the integration with Asana lets users link tasks within Asana with the relevant documents on the VDR platform. This helps project managers and teams to stay on top of the development of their projects and their responsibilities.
Look iDealsBoard for a platform that has features that suit your needs. A VDR should be secure by using anti-virus and malware scanning, multifactor authentication, and advanced encryption. It should also have an audit log that tracks all document and user actions, as well as the ability to drill into these details. It’s also worth determining if a VDR partner has third-party certifications like SOC, to ensure you have confidence that the platform meets industry-leading security standards.
A clean, intuitive interface is another essential feature. It must be accessible to the CFO and the accountant in the beginning. Choose a vendor who prioritizes this with a simple configuration and a variety of deployment options. Also, consider whether you are able to customize the look of your VDR by adding your logo as well as terms and conditions and general layout.