Selecting a Virtual Data Room

When companies collaborate with other companies for litigation or business transactions, they often need to share confidential documents that are not within their firewall. Virtual Data Rooms are online repositories that let you securely store and share digital files. VDRs are now a well-established solution for supporting complex projects and business processes that require disclosure of sensitive financial documentation, intellectual property data, case file information and more.

When choosing the right VDR make sure you choose an option that has robust security features that go beyond the standard compliance requirements. Look for permission settings that are customizable including watermarking options, the ability to revoke access remotely, and thorough activity tracking that gives administrators an extensive view of the way files are viewed or downloaded, printed, or saved. Find a user interface that is easy to navigate and designed to facilitate collaboration without sacrificing security.

Inquire about the VDR partner’s technical support services and whether their staff is knowledgeable of the specifics of your business’s industry. The best-in-class providers offer round-the-clock assistance through a variety of channels to ensure that each inquiry is quickly answered. Find a Q&A tool that allows users to submit questions without resorting to email, and allows administrators to effectively manage and organize questions.

Although many VDR providers boast about their ability to scale, be sure to inquire about specific performance and reliability information. Find out about uptime, interruptions, and delays to compare the reliability of a vendor against other similar products. Be sure to inquire about what integration their platform has with other tools within your organization’s tech stack.

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