As opposed to generic file sharing solutions virtual data rooms offer professional-grade security, control and capabilities to facilitate online due diligence as well as document collaboration and other mission-critical processes. They are a preferred option for companies across a variety of industries that require utmost security and convenience when it comes to sharing sensitive documents with third party outside of the firewall.
Depending on their industry, businesses can benefit from various features offered through the majority of VDR vendors. Life science companies, for example employ the VDR to share HIPAA-compliant documents with investors to display clinical trial results and research and development data. Biotech firms also use VDRs for managing their intellectual property and streamlining M&A deals through detailed activity tracking.
Another feature that is commonplace is the ability to use watermarks or set expiration dates. You can also revoke access remotely for digital rights management (DRM). Some providers also permit users to organize their files in an organized hierarchy similar to the traditional file system to categorize them according to their logic and allow for easy searching. A thorough audit trail provides information about who accessed the files and when they accessed them.
Most VDR providers offer free trials so that businesses can explore the platform and learn how it functions before concluding a subscription for the year. During this period they can evaluate data on reliability and performance to gauge which partners are able to meet or exceed expectations. Additionally, it’s important to consider the degree of support each vendor offers for their product. Because business processes and transactions do not follow a standard 9-5 schedule It is crucial to select a vendor that provides support 24/7.