Virtual data rooms are indispensable helpers in modern business. They help in many processes including M&A, due diligence, file storage, reporting, etc. Many functions in VDRs are automated, which significantly saves your time and increases productivity. In this article, we’ll cover the main data room features that are a must-have when choosing your ideal VDR.
What is a virtual data room?
A virtual data room is a virtual storage facility for business documents that provides a secure space to store and share documents. Originally, VDR was intended for use during M&A and due diligence, but then it spread widely to other industries. Now VDR is used in many areas including government and healthcare, all because it has excellent privacy features and many other useful features.
These features include ease of use and the ability to organize files, plenty of space to upload large volumes of documents, automatic reporting, and auditing features, and the ability to track user activity within the program. Below, we’ll talk more about the features of data rooms and what you need to pay attention to when choosing them.
How to choose a quality data room?
Though the main functions of VDRs plus and minus are the same, providers offer different additional functions, based on which users decide whether this service is suitable for them. The VDR market is evolving, so providers are trying to offer unique services, but among them, you should know what must be present in your VDR to increase your company’s productivity.
Data and access security:
A virtual data room is designed to store valuable documents, so it must have proper security. Find out if your potential provider offers such features:
- Full compliance with security standards and a security certificate
- Two-step login verification
- Dynamic automatic watermarks on documents
- Modern document encryption methods or remote deletion
- Secure communication between employees or partners during a transaction, such as encrypted chat or question-answer functions
- Access control to documents and restriction of copying them, printing screens, etc.
Reports and analytics:
This feature will help monitor company affairs and instantly recognize an error. It helps you think about further strategies of action and even makes some predictions. Check whether the provider offers:
- The ability to view full audit logs and easy-to-use reports
- The ability to track any user activity and changes including editing documents, changing permissions, new downloads, and other users viewing documents
- View statistics and graphs
In the name of better security, a quality provider should take care of configurable user access to documents:
- Role assignment among users
- Setting document expiration times
- Access to a user’s activity log
It is very important to organize the file structure of the VDR, and to be able to do this more effectively, look for features such as
- Mass file upload or drag-and-drop functionality
- Automatic indexing feature
- Any type of file can be converted to RDF
- Easily searchable with full-text search
- Advanced file management features
Ease of use:
Learning a new program shouldn’t be a hassle for the owner or employees. You should think of your subordinates and potential customers, who should not be confused by the program’s interface. Plus, a complex interface increases the risk of error, which is why ease of use is so important:
- A user-friendly interface
- Comfortable application for mobile devices
- Offers a trial period