Businesses often need to share confidential information with other businesses when they collaborate in litigation or business transactions. Virtual Data Rooms (VDRs) are online repositories for storing and sharing digital files securely. VDRs have become a standard solution to support complicated business processes and projects that require disclosure of sensitive financial documents, intellectual property data, case file information and more.
When choosing a VDR provider, choose one that offers robust security features that go beyond standard compliance requirements. Look for permission settings that are customizable such as watermarking, the ability to block access remotely and precise activity tracking that provides administrators with an extensive view of the way files are viewed printed, downloaded, or saved. You should look for an interface for users that is easy to navigate and designed to facilitate collaboration without sacrificing security.
Ask about the technical support provided by the VDR partner and if the staff is familiar with the specifics of your industry. The top-of-the-line providers provide 24/7 support through multiple channels to ensure that every question is promptly answered. You should look for a Q&A feature that lets users ask questions without resorting to email. It also allows administrators to efficiently sort questions, manage and organize them.
While most VDR vendors boast about their ability to scale, be sure to ask about specific data on performance and reliability. Find out about downtime or interruptions, as well as delays to assess the reliability of the vendor in comparison to similar products. Ask the potential vendor if their platform can work seamlessly with other tools in the technology stack of your business.