Document management is an integral part of any business. A well-organized document management system can save your business and its customers and partners a lot of hours and even money.
Effective documentation isn’t simple. Traditional methods such as sorting through files and folders are time-consuming. Thankfully, VDR and document management can speed up the process.
VDRs are designed specifically for companies to address many of their most common document management problems. They are equipped with capabilities that let users interact with data files and documents via a browser on the web or mobile app making it easier for project teams as well as third parties to collaborate on proposals and due diligence projects.
To protect sensitive data, modern VDRs employ a combination of encryption protocols to safeguard information both in transit and at rest. Administrators are also able to granularly restrict access permissions, so that only authorized individuals have the ability to view or download documents. VDRs also permit administrators to disable printing copies, saving, and copy/paste features in order to control the dissemination of information.
A great VDR platform will offer users a variety notifications to keep them informed about any changes or activities happening in the repository. They should also allow users to modify their notification preferences depending on their needs and their roles. They should also be able to support digital watermarking, as well in activity logs to identify access that is not authorized. This will increase transparency and accountability throughout the due diligence process. For greater efficiency it is recommended that a VDR should enable staff to edit files in real-time which eliminates the need for back and back meetings and emails that can impede the go to the website progress of the project.