If your business requires to conduct due diligence in an M&A transaction, resolve an issue with a complicated legal aspect or raise capital through a virtual data space, a virtual room can accelerate the process with secure collaboration and sharing of documents. While free tools for file sharing work well for everyday collaboration, they are not equipped with essential features for business transactions – like watermarking, and robust security for data. Unauthorized access to sensitive information could result in penalties for financial loss, regulatory sanctions or a damaged image.
A VDR can assist businesses to collaborate and share documents more securely, regardless of where their employees are located or what devices they use. But, selecting the best solution can be a difficult task. To make an informed choice choose a service that has a simple interface and a range of options for customization to align with your branding. Consider a provider who offers 24/7 customer support, which means you are able to contact them for any queries or concerns.
After you’ve narrowed your choices of providers, read reviews (with some caution) and request a no-cost trial. Then, compare the features each one offers. Consider granular user permission settings along with project-based access and document activity tracking. Then, choose the provider that has the highest price-to-feature ratio. Certain VDR providers also offer additional services which can save time and money. Some of these extras can include scanning documents, translation, and Q&A.