For most businesses, a virtual data room is an essential tool to facilitate any business transaction. Selecting the best VDR solution can make the difference between an efficiently simplified process and one that is difficult and can hinder deal success.
A good virtual data space provider offers customizable features to further protect sensitive data. These include robust physical security measures, such as offsite backups of data as well as fire protection, among other physical security measures. These include encryption of data both during transport and at rest, dynamic watermarks placed on each page of the document printed or viewed and granular access rights for users that allow administrators to restrict who can access, download, or print documents.
A virtual data room can provide the benefit of having an accessible location to store and share sensitive documents. This can cut down on time spent sending documents via email and makes it easier to access files while conducting due diligence or project coordination or other business tasks.
Additionally, a good virtual data room will offer an audit trail virtual data room for small enterprises of all activities of the user and documents. This is an essential feature for companies operating in highly regulated areas like finance or healthcare where compliance is a must. The ability to track who has used the data, when and for how long will help maintain compliance in the event of an audit or investigation.
In a recent case, a major pharmaceutical company utilized a virtual dataroom to support a merger with another industry giant. The VDR’s ease of communication and improved security of data allowed parties to reach a successful agreement quickly.