Selecting a Virtual Data Room
When businesses collaborate with other companies for legal proceedings and business transactions often, they need to share confidential documents that are not within their firewall. Virtual Data Rooms (VDRs) are online storage spaces for sharing digital files securely. VDRs are now a well-established solution to support complicated business processes and projects that require disclosure of sensitive financial documents and intellectual property information, case file data and many more.
When selecting the right VDR provider, look for one that has robust security features that go beyond standard compliance requirements. Look for customizable permission settings such as watermarking, the ability to deny access remotely, and comprehensive activity tracking that gives administrators granular visibility into the way that files are used, downloaded, printed or saved. Look for an interface that is easy to navigate and designed to facilitate collaboration without sacrificing security.
Find out about the technical support provided by the VDR partner and if they are familiar with the specifics of your industry. The best-in-class providers offer round-the-clock support through multiple channels to ensure that every question is promptly answered. Look for a Q&A option that allows users to ask questions without having recourse to email, and allows administrators to efficiently sort questions, manage and organize them.
While most VDR vendors boast about their scalability, be sure to inquire about specific performance and reliability data. Be sure to inquire about interruptions, uptime and delays to evaluate the reliability of a particular vendor with other similar products. Ask the potential vendor if their platform can work seamlessly with other tools in the tech stack of your business.