Scalability, security, and ease of use are the most important VDR features for businesses when evaluating virtual datarooms. Security features include malware and antivirus scanning, firewalls, and multifactor authentication, as well as advanced encryption of uploaded data. Audit logs contain detailed records of every action that is performed within the VDR. This includes downloads, views, and modifications to folders and documents. VDR admins have the option to create custom watermarks that provide a name and a time stamp to each file downloaded.
A quality VDR should also allow users to alter the interface and notifications, and also support is available through in-app live chat telephone, email, and help centers with videos of the product. The device must be compatible with Apple devices, Android devices and Blackberry without the need for additional plugins. Advanced text search enables quick and easy review of files, documents and folders. The organization tools for folders must provide a hierarchical layout and logical organization, using tags that provide an additional layer of flexibility. A Q&A section lets users to ask questions and receive answers to specific questions about documents or folders.
Private equity and VC firms often work with many clients at once, requiring them to quickly and effectively share massive amounts of data. In these scenarios VDRs are the ideal solution to make due diligence simpler and more efficient. Other industries that have found VDRs useful include life science, technology and financial services. VDRs allow these businesses to facilitate the sharing of confidential information in the course of litigation with clients, lawyers, and other third parties.
