A secure, scalable virtual data room is a crucial tool for M&A transactions and other collaborations that require secure sharing of files. The right VDR software will allow you to close deals faster reduce risk and enhance document management within teams.
Look for an intuitive interface that is easy to understand and use. The best virtual data rooms focus on UX design to simplify basic tasks like import as well as searching, displaying, and managing documents. Dashboards that are customizable and based on roles ensure users see only the tools they need to accomplish their tasks. Mobile optimization is essential for mobile access.
Secure encryption and robust encryption are a must for data security. Make sure you have 256 bit SSL and AES encryption two-factor authentication, as well customized watermarks that can be used to protect documents in transit and at rest. Check for granular permissions based upon the role, document and folder levels, as well as detailed logs of activity showing who viewed, downloaded, and shared files.
The most effective virtual data room is built to simplify secure collaborative work. They are designed to support teamwork on multiple devices, offer easy project management, and a dedicated customer service and have a low learning curve for new users. They also offer advanced search capabilities and an effective annotation tool that allows you to add notes to documents that are only visible to you (not the other users viewing the document). If your team has to deal with a large amount of data, look for a solution that allows you to export large amounts of files or as an archive.