Virtual data rooms software enhances workflows for everyday operations as well as special projects by bringing all the elements associated with organizing, communicating and delegating all to one place. It also provides top-of-the-line security for sensitive records and documents. It is essential to establish clear guidelines on how individuals and teams can utilize a VDR. A well-defined procedure for sharing, storage of files and collaboration will ensure that your investment in the solution is well-repaid.
A few of the top virtual data rooms have the ability to grant access to documents in a granular manner, streamlined file handling via email, OCR, translation, an overview dashboard with a robust design and NDA pop-ups. They also offer activity reports, NDA popups and centralized dashboards. Some are designed specifically for M&A and include features like secure fence view, audit trails, auto-indexing of folders and file structures, as well as unlimited user accounts.
The size of your business and the type of transaction you are conducting will determine the right virtual data room that is suitable for you. A wide range of tools is available, so it’s worth checking websites that review software to learn about other users’ experiences. It’s important to avoid review sites that provide paid reviews of vendors.
For smaller companies, free cloud storage solutions such as Google Drive may suffice. It offers generous storage and basic file-sharing capability, and a collaborative suite of programs for Word PowerPoint and Sheets. Other free alternatives include Microsoft OneDrive, Box and GitHub. For larger companies, a cloud-based option like DealRoom can deliver all the functions of a VDR but at a lower cost.