The virtual data room (VDR) has been around for a long time and has made a valuable contribution to anywhere that data is shared, stored and/or analysed by a variety of parties. However certain tasks require more. Due diligence in M&A requires a solution that is more than a safe place to store documents. It should also provide additional tools for collaboration and project management. This type of VDR solution is sometimes referred to as a lifecycle-management solution. Certain providers provide solutions that are designed to help all aspects of the M&A process, such as due diligence, NDAs, and expiry of documents.
The first step in selecting the right provider is to look at the types of documents and files you’ll be sharing, uploading, or reviewing with the software. Consider the features you’ll require for security, such like dynamic watermarking which stops illegal copying, document encryption, remote access revocation, even after downloading, as well as the possibility to create folders that restrict access or control.
Another consideration is cost. Some data rooms use per-page pricing which can be expensive in the event that you have a significant quantity of documents to share. Ideally, you’ll find a provider that offers a trial for free to test the software before committing to a plan.
It is also important to ensure that your chosen provider offers an audit trail with rigor, which records every single user’s actions. This will let you know creativetrance.com/streamlining-document-management-exploring-the-best-virtual-data-rooms how long each user spent on each document, as well as the location they clicked on the document. Some providers will even provide reports by groups of users, or different charts to help you understand the statistics.