Virtual data rooms offer secure efficient, easy, and organized ways to share and store sensitive documents for business transactions. Typically, virtual data rooms are utilized by businesses that wish to facilitate an M&A deal, or by life sciences companies with intellectual properties that need to be secured and stored carefully.
With VDRs you can review and access documents from any location with an internet connection that is secure. This eliminates the need for physical travel and speeds up due diligence for buyers across the globe, increasing the chance of an efficient transaction. Secure remote access also allows you to protect your files with advanced encryption and tight access controls. Comprehensive activity tracking and audit trails are important features that let you keep track of who is viewing, printing or downloads which files.
VDRs have a wide range of other features that can save time, including unlimited scrolling and a customized search bar that speeds up document scanning. They are great for collaborative projects as they allow multiple users to log in simultaneously. You can also control the access rights that each user is granted with respect to access to documents.
You can utilize your VDR on the go with an app on your mobile device that is perfect for remote work. Modern vendors offer professional customer service via in-app chats, multilingual support teams via email and phone, as well as help centers and videos about their products. Because M&A transactions and other important processes don’t have the standard 9-5 schedule it’s essential that the chosen VDR has a 24/7 support.