The bottom line is that VDRs are a boon to business. VDR simplifies the work of anyone to use it — whether C-level executives working on M&A deals HR departments charged with maintaining employee records, project managers responsible for different aspects of a business operation, or even internal employees that need to share data and files with contractors from outside — to complete their tasks safely and effectively. This is especially important for businesses that rely on the security of sensitive data as well as valuable intellectual property to ensure their success.
The right VDR solution and document management software can provide an impressive set of features that make the due diligence and deal-making process effective and effortless. They include document indexing and search capabilities that are based on metadata and text. Additionally, there are simple tools to create and manage the folders and documents, with features like automatic renumbering and infinite scrolling. Software features to think about include an activity tracker with an automatic versioning system, as well as a robust document tracker.
A well-thought-out folder structure and consistent naming conventions, as well as access rights play vital factors in ensuring smooth flow of a business or project. A well-designed VDR will provide the ability to assign granular access rights to documents and folders based upon the role and responsibilities. The VDR will also provide statistics about who viewed, printed and downloaded each document.
The most secure VDRs ensure that all sensitive information is protected both in storage and while it is being transferred. This is an absolute must to ensure compliance with data privacy regulations and preventing any unauthorized access.