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A virtual dataroom is a platform in the cloud that allows you to safely share and store sensitive data. This data is typically private documents that businesses share during transactions or business processes like M&A and due diligence. It is essential that this information is easily accessible to authorized users, yet also secured from unauthorized access. Virtual data rooms make this information accessible to access from anywhere on any device anytime, and offer full audit trails for the security of the files.
It is important to choose the VDR with features that are most relevant for your business or project. Many vendors offer demos and trials for free to let businesses try out the software. They can then evaluate how the VDR performs on daily basis and see whether it is able to meet their business needs.
Granular permissions and multilingual support for documents are also essential features. Furthermore, a robust search engine makes it easy to find documents within the VDR. The ability to track the user’s activity is another vital feature, enabling administrators to know which documents are the most important to their customers and how much time they are spending on them.
Finally, it is vital that the virtual data room has an incredibly flexible interface that is easily integrated into an organization’s existing workflows and IT systems. This is especially important for companies that run M&A projects frequently, where lots of documents are shared among various parties. The ability to work effectively on a deal using the virtual dataroom can boost productivity and accelerates the decision making process.