Choosing the Right Virtual Data Room for Your Industry

Virtual data rooms, as opposed to general file-sharing platforms, offer high-end security and virtual board room for business control, along with the functionality to aid in online due diligence and document collaboration among other tasks that are mission-critical. They are a popular tool for enterprises in multiple industries that require highest level of security and efficiency when it comes to sharing confidential documents with third parties outside of the firewall.

Businesses can benefit from different features depending on their industry. Life science companies, for instance utilize a VDR as a way to share HIPAA-compliant documents with investors to showcase the results of clinical trials, as well as research and development data. In addition, biotech firms utilize a VDR to control their intellectual property and streamline M&A procedures by ensuring thorough activity monitoring.

A popular characteristic is the capability for digital rights management to remotely remove access and set expiration dates and apply watermarks. Some providers also allow users to organize their files in a hierarchical structure similar to the traditional file system to categorize them logically and make it easier to search. A detailed audit trail gives details on who accessed the documents and when they accessed them.

The majority of VDR vendors provide free trials so that businesses can test the platform and discover how it performs before signing up for an annual subscription. During this period they can evaluate data on reliability and performance to gauge which partners surpass or meet expectations. In addition, it’s important to consider the degree of support each vendor offers for their solution. Since business transactions and processes aren’t governed by the 9-5 schedule, choosing a vendor that provides 24/7 support is vital.

— Posted on May 29, 2024 at 12:00 am by