03 Oct Examples of Virtual Data Rooms
Regardless of the industry that you are in, you’ll need to deal with huge volumes of different documents. The management of these documents using physical files is inefficient and time-consuming. The process of reviewing printed documents takes more time and makes you more vulnerable to access by unauthorized persons. A virtual dataroom (VDR) allows authorized parties to view and access documents remotely. It enhances collaboration among teams across the globe and eliminates geographical barriers. It also reduces risk of unauthorized entry and allows strict compliance measures.
When choosing a VDR, look for one with advanced features that are designed to address the specific needs of your company. It is essential to choose a VDR which allows drag-and-drop, bulk upload and multiple file formats. Look for a virtual room that has an advanced search engine that can identify and index text in files.
VDRs are able to automate workflows processes, workflows and processes in-process. For instance they can grant access rights according to the user’s role. They can also monitor the documents that are accessed by authorized users. This includes the time and frequency they were downloaded or viewed.
You should search for a provider that offers mobile apps which work across all platforms without needing any additional software or plugins. You should also look for a service that supports multilingual support to accommodate the requirements of users with different ethnic backgrounds and nationalities. Last but not least, ensure that your VDR has audit trails which will record all actions performed by users within the virtual data rooms, such as when they accessed the platform, and when they left or left, the documents they downloaded or looked at, and their IP addresses.