Data room software is a great option to share sensitive documents online. It lets companies manage all documents-related activities from a central location, and protects the privacy of documents through granular security settings. It offers features that file-sharing services do not, for example, tools to hide certain areas of documents so that personally identifiable information is kept private.
Virtual data rooms can be an excellent tool for due diligence or to speed up mergers and acquisitions. Selecting the right solution will require a steep learning curve for those who are used to physical spaces as well as other methods of managing data However, there are a few important aspects you should keep in mind when making your choice.
User onboarding
To get the most value from your VDR you will require more than just tutorials and documentation. The best virtual deal room providers provide a full suite of training and support resources to help you get started with video tours of the system and webinars run by their customer success team.
Security
Security is an important factor for any company, but it’s especially crucial for a VDR. Choose a VDR service that has security certifications such as ISO 27001 and SOC 1/2/3. Also, ensure that they are GDPR compliant, HIPAA, and ISO 27001. Consider additional security features such as two-factor authentication and the capability to set a time limit for the downloading or viewing of documents. You should also be able to monitor activity in your VDR by reviewing audit reports that are detailed.