Selecting a Virtual Data Room

Businesses frequently need to share confidential information with other businesses when they collaborate on litigation or business transactions. Virtual Data Rooms (VDRs) are online repositories for storing and sharing digital files in a secure manner. VDRs are an effective solution for complex projects as well as business processes that require the sharing and disclosure of sensitive documents such as intellectual property financial data, information from case files.

When choosing the right VDR provider, look for one that offers robust security features that go beyond the standard compliance requirements. Look for permission settings that are customizable including watermarking options, the ability to revoke access remotely, and comprehensive activity tracking that provides administrators with an extensive view of the way files are viewed, downloaded, printed or saved. Look for an interface that is easy to navigate and designed to facilitate collaboration without sacrificing safety.

Ask about the VDR partner’s technical support and whether their staff is knowledgeable of the specifics of your business’s industry. The best providers provide round-the-clock support with multiple channels to ensure that each inquiry is quickly answered. Find a feature called Q&A that lets users ask questions without having recourse to email. It also allows administrators to efficiently sort the questions, organize and manage them.

While most VDR providers tout their capacity, be sure to ask about specific reliability and performance data. Be sure to inquire about interruptions, uptime and delays to assess the reliability of a particular vendor with other similar products. Ask the potential partner if their platform is compatible well with other tools on the technology stack of your business.