04 Sep What to Look For in VDR Software
VDR software lets users share files and important business data over the internet in a secure environment. It is accessible from any device that has an internet connection, eliminating the need for physical documents and decreasing costs. It is an excellent solution for M&A due diligence, and other important business transactions.
Choose a VDR provider that is ISO/IEC 27001 certified, has SOC 1 or 2 and is HIPAA compliant. You should also pick a VDR that provides access to granular rights as well as eight levels of document rights and physical data security. These are essential features to ensure secure collaboration.
Before you begin to implement a new virtual data room it is advisable to designate an administrator of the system and establish a list of users. This will ensure that all processes and documents are properly documented and monitored. It’s also an excellent idea to develop a system for naming folders, and keep the file structure identical across all projects. This will lower the risk of sensitive data being accessed by unsuspecting individuals.
Life science companies store R&D documents and regulatory filings in the form of a VDR. VDRs also aid in tracking investor interest, as startups can monitor which documents are being read and how long spent in the room. This allows them to personalize their responses to investors and demonstrate professionalism in their approach. A good VDR will also allow an organization to quickly organize an online meeting by clicking a button, speeding up the deal process.