Selecting a Virtual Data Room

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When companies collaborate with other companies for litigation or business transactions, they often need to share confidential documents beyond their firewall. Virtual Data Rooms are online repositories that allow you to securely store and share digital files. VDRs are a well-established solution to support complex business processes and projects that require disclosure of sensitive financial documents, intellectual property cases, data from case files and more.

When selecting a VDR, look for a service that comes with robust security features that go above and beyond typical compliance requirements. Look for customizable permission settings such as watermarking, the ability to block access remotely and detailed activity tracking that gives administrators an extensive view of how files are viewed, downloaded, printed or saved. Look for an interface for users that is simple to use and designed to facilitate collaboration without sacrificing security.

Find out about the VDR partner’s technical support services and whether their employees are well-versed in the nuances of your company’s industry. The top providers offer 24/7 support via multiple channels to ensure that each query is answered quickly. Look for a Q&A option that lets users ask questions without having to resort to email, and allows administrators to efficiently sort, manage and organize questions.

While most VDR providers boast of their ability to scale, make sure to ask about specific performance and reliability data. Inquire about uptime and interruptions as well as delays to determine the reliability of a particular vendor in comparison to similar products. Ask the potential partner if their platform works well with other tools on the tech stack of your business.

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