Examples of Virtual Data Rooms
Regardless of the industry you work in, you’ll be required to manage large quantities of different documents. The process of managing these documents through physical files is unproductive and time-consuming. It takes longer to review printed documents and you’re more susceptible to unauthorised access. A virtual data room (VDR) is an encrypted cloud-based document repository that permits authorized parties to review and compile documents remotely. It helps improve collaboration between global teams and eliminates geographical barriers. It also reduces risk of entry by unauthorized persons and provides strict compliance measures.
When selecting a VDR, choose one with advanced features that are designed to meet the specific needs of your company. You need a VDR that can handle bulk upload, drag-and-drop and multiple formats for files. Look for a virtual area with an advanced search tool that can detect and index text in files.
VDRs are able to automate workflows and processes such as the process of granting permission to users depending on their role. Furthermore, they can monitor every document that is accessed by authorized users, revealing when and how many times the document was viewed or downloaded.
Choose a company that has mobile apps that work on all platforms and don’t require plugins or other software to be used. Also, you should consider a provider with multilingual support to accommodate the needs of users of different ethnic backgrounds and nationalities. Not to mention, ensure that your VDR has audit trails which will record all actions performed by users using the virtual data rooms, including when they accessed the platform and left, what documents they downloaded or viewed, and their IP addresses.