Selecting a Virtual Data Room

If businesses collaborate with other companies in business transactions and litigation it is common for them to share confidential documents that are not within their firewall. Virtual Data Rooms (VDRs) are online repositories that can be used for storing and sharing digital files in a secure manner. VDRs are now a well-established solution to support complicated business processes and projects that require disclosure of sensitive financial documents as well as intellectual property data, case file information and much more.

When selecting the right VDR provider, look for one that has robust security features that go beyond standard compliance requirements. Consider a customizable permissions system and watermarking capabilities, the capability of rescinding access remotely, and detailed activity tracking that gives administrators granular insights into the way that files are being viewed, downloaded, printed, or saved. Make sure you have a user interface that is easy to navigate and designed to encourage collaboration without compromising security.

Ask about the technical assistance offered by the VDR partner and whether the staff is knowledgeable of the specifics of your industry. The best providers offer 24/7 support via a variety of channels, making sure that every query is answered promptly. Look for a Q&A option that lets users ask questions without having to resort to email and enable administrators to efficiently sort questions, manage and organize them.

Although many VDR vendors boast about their capacity, be sure to inquire about specific performance and reliability data. Ask about uptime, interruptions and delays to evaluate the reliability of a particular vendor in comparison to similar products. Ask the prospective partner if their platform integrates well with other tools in the tech stack of your business.

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