During major business occasions such as mergers and acquisitions, tenders, or capital raising, it is crucial that all stakeholders get access to the entire set of information. But sifting through tens or thousands of documents can take a long time and may pose a security risk. Fortunately, there’s an easy solution: the modern virtual data room (VDR).
However, not all VDRs were created to be the same. Many of the free file sharing applications available on the market weren’t designed for enterprise use and do not have advanced security, collaboration, and other features.
In fact, a few of these free file sharing tools have been found to be hacked and susceptible to viruses, malware and spyware. This is the reason it’s important to find a reputable and secure solution, such as a reliable VDR provider with a solid experience in the field.
The best online VDRs provide granular document/digital data access control for users according to their role in the project. This ensures that only those who need to know are able to access the information, reducing the chance of unauthorised leaks of data. Advanced features, such as encryption of all data transfers MFA, encryption of all data transfer, and login monitoring that analyzes the IP address as well as the device can reduce the risk of unauthorised access by providing an additional layer of security to the platform.
Other benefits that a high-quality VDR can provide is the ability to quickly browse and locate files by using an easy search feature, and the capability to drag and drop multiple file folders at once into the platform. Also, the ability see which documents are being the most often viewed is an important insight into what your customers and prospects would like to see in the room. This can assist in closing an offer by catering to their preferences.
