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Virtual data rooms can be useful for due diligence, collaboration and other processes that require the sharing of sensitive business information. They offer more control over document and file access than free online tools such as Dropbox or Google Docs. They also include features such as custom watermarks, as well as the ability to customize permission settings. They also create an impressive first impression for prospective investors and clients.
VDRs are, for example, are utilized in the real estate sector to exchange documents in cases where litigation is in progress or when other projects require a high level of security. They are also beneficial in the life sciences sector, where companies merge or raise funds and their intellectual property has to be protected. For those interested in evaluating the capabilities of a VDR provider, it’s advisable to look beyond the company’s site for third-party assessments and reviews from employees. This will give you an precise and complete view of how the software performs.
VDRs can be more expensive than traditional cloud storage, but their superior features and professional customer support make them worth the price. For instance, most modern providers provide live chat and phone as well as email multilingual support, and help centers that include videos of their products. These are features that conventional cloud storage providers don’t have.
Another important factor to consider is how the virtual data room platform supports other tools that you use to manage your project. Some vendors are integrated with Slack and Office 365, for example it can be a major time saver when working on a project. Certain VDRs offer advanced collaboration tools, such as document annotations and Q&A sections.