The virtual dataroom (VDR) is a great tool to share, store and/or analyzing data by a variety of parties. Some tasks, however, call for something more. Due diligence processes in M&A for instance requires a solution that is more than a storage space for documents, but includes additional tools to encourage collaboration and project management. This type of VDR solution is often referred to as a lifecycle management solution. Some vendors offer solutions designed to support all aspects of the M&A process, such as due diligence, NDAs, and document expiry.
When deciding on a software vendor the first thing you should consider is the type of documents and files that you will be uploading and reviewing, or sharing. It’s also important to consider the kind of features you may need for security, such as dynamic watermarking to prevent copying without permission, encryption of documents remote access revocation after downloading and the ability to create folders to restrict access to or permissions.
Cost is another factor to consider. Some data rooms use per-page pricing, which can be expensive for large quantity of documents to share. Ideally, you’ll find a service that offers a trial for free to test the software before committing to the plan.
Finally, you’ll want to make sure creativetrance.com/streamlining-document-management-exploring-the-best-virtual-data-rooms your chosen provider has a robust audit trail that records all user activity. This will allow you to observe the time that each user spent on each document, and where they clicked on the document. Some providers provide statistics based on users, or charts that can help you better understand the data.