The virtual dataroom (VDR) is a useful tool for sharing, storing and/or analyzing data by a variety of parties. Certain tasks, however, call for something more. Due diligence processes in M&A for instance requires a solution that’s more than a secure storage facility for documents and provides additional tools to promote collaboration and project management. This kind of VDR solution is sometimes called a lifecycle management solution. Some vendors offer solutions that can be used to assist all aspects of the creativetrance.com/streamlining-document-management-exploring-the-best-virtual-data-rooms M&A process, such as due diligence, NDAs, and documents expiring.
When deciding on a software vendor first thing to do is consider the type of documents and files you will be uploading or reviewing, or sharing. It’s also important for you to consider what features you might require including security options such as dynamic watermarking to protect against illegal copying, encryption of documents remote access revocation after download, and the ability to create folders for limiting access to or permissions.
Another consideration is cost. Some data rooms charge per page which can be costly for sharing a lot of documents. You should find a service that has an opportunity to try a trial version software to try it out before committing to a plan.
It is also important to ensure that the service you choose offers a robust audit trail that tracks every user’s activity. This will help you understand how long each user spent on a specific document, where clicks were made on the file and it goes on. Some providers provide statistics by user group, or charts that help you better understand the data.
