Virtual data rooms (VDRs) are online storage services that enable secure exchange of digital documents. VDRs combine cloud storage with security to let users access deal making shared information on any device online, at any time. VDRs allow companies to share data more conveniently and securely as compared to physical data room or other digital sharing methods.
A modern virtual data space provides a variety of security features specific to documents that provide granular control over who can print, save or even view a particular document. It should also have a search function that can locate information within files and documents, including PDFs, and provide intelligent results. It should also come with document processing capabilities to convert handwritten text, paper documents and text saved in images into digitally readable formats. It should be able to track and record user activities at the page level and provide a complete audit trail to ensure compliance and to be used in disputes.
Because a large portion of users will be new to using the platform, it’s essential that the VDR provider provides extensive user onboarding and training sessions. This could be accomplished by videos, webinars, online tutorials or other interactive training sessions. It’s also important that a VDR permits seamless integration with popular productivity tools, such as software for managing projects, communication platforms and document editing applications. This will improve navigation and collaboration. It must be compatible with mobile devices as well as platforms that cross-platform to make it easier for remote users to work.
