A virtual data room (VDR) is a secure online storage option which allows companies to store, manage and share confidential documentation with various parties. It is most commonly used for M&A (mergers and acquisitions) due diligence, however the VDR can also be used to handle any business transaction or undertaking that requires sensitive information.
The top virtual datarooms offer an easy and intuitive interface that makes it simple to manage large amounts of documents. They facilitate the efficient handling of many formats for files, such as video, text, and images and provide granular permission settings, enabling administrators to control who can print, view or download files. They are also equipped with watermarking and redaction tools to ensure the protection of privacy and intellectual property.
Be aware of how adaptable the virtual data space can be to different operating systems and devices when selecting one. It should be compatible with iOS, Android and Windows with no additional plugins needed. In addition it should be able to allow bulk uploads with drag-and-drop functionality. It is also worth looking for folder templates to ensure a well-organized filing structure. Users can navigate the virtual dataroom more efficiently by creating a folder titled „Finance” and then subfolders for each financial statement. Additionally, it is recommended to use a system that recommends file types for uploading and storage. This can save time and effort by allowing users to upload files directly into correct folders. A system that suggests file names with underscores between words can be helpful, since it will make it easier for users to search and retrieve documents by using keywords.